New professional income protection

Pioneer has launched a new income protection product exclusively for professionals.

Premiums for the Professional Income Protection plan will be based on age; guaranteed ,and state benefits will not be deducted.

Unlike Pioneer's standard Holloway type policies, on this individual income protection plan ,rates will vary between males and females and smokers and non-smokers.

It is on an ‘own occupation’ basis. Own occupation contracts mean that you are able to claim if incapacity is sufficient to prevent you from following your profession, compared with ‘any occupation’ ones which only pay out if you cannot work at all.

There are no standard exclusions, including for HIV and war, which have both been removed from the contract.

Pioneer chief executive Andy Chapman says the income protection sector is underperforming which indicates that the industry is not meeting the expectations of consumers. "In launching PIP, Pioneer have developed an income protection plan that is simple, transparent and affordable for professionals and those in lower risk occupations."

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