A brand new take on ASU insurance

 Lifestyle Insurance

In early 2017 we launched our Lifestyle Insurance product, a market-leading proposition and a new way to quote ASU cover for your client.

Our Lifestyle Insurance product was designed to safeguard your clients should they become unexpectedly unemployed, or be unable to work due to accident or illness. During such circumstances, the policy will pay out an agreed figure each month, for a set period, to ensure that your client can keep up with essential bills, mortgage repayments or rent. Put simply, Lifestyle Insurance covers your clients against the impact of unforeseen circumstances.

A Complete Overhaul

At Source we have undertaken a thorough review of the ASU market and this new offering ensures a move away from some of the previous negative perceptions of ASU cover. Combining both feedback from both brokers and customers, we were able to identify and understand previous issues and whether there was still an appetite for this cover. An overwhelming response led to the creation of Source Lifestyle Insurance. A simplified product for brokers to sell and a straightforward solution for customers to understand.

The first cover of its kind

Lifestyle Insurance is revolutionary in the ASU market, with the system boasting a range of benefits. These include new insurers that won’t be found on competitors’ websites, a simplified quote system, enhanced limits and most importantly, highly competitive premiums.

Our new Lifestyle Insurance now opens up a whole new opportunity to cross-sell to your existing client base, increasing your overall client spend. With a brand new approach and transparent compliance and acceptance criteria, rest assured that your customers will not run into the problems of traditional ASU policies at the point of claim.

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 What’s in it for your clients?

  • 3 products under one common policy wording; Income, Mortgage, and Rent.
  • Up to £5000 monthly cover available.
  • ASU, AS and U only options.
  • Benefit Periods can now range from 6, 12, 18 and 24 months.
  • Excess periods range from 0 days to 180 days and can be different per section.
  • Simple and clear policy wording & booklets.
  • ‘Carer Cover’ and ‘Career Support Service’ as standard within the policy coverage.
  • Online storage of policy documents, allowing 24/7 access from any internet-enabled device.

 What’s in it for you?

  • Additional cross-selling opportunity.
  • Trail commission the for life of all policies (flexible commission between 0-27.5%).
  • Simplified quotation process via The Source platform.
  • Source Rewards loyalty scheme points for every new and renewed case.
  • Proactive management of renewals through varied methods of communication.

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A simplified quote system

We’ve fully integrated our Lifestyle Insurance quote system into our GI platform. This means Lifestyle quoting can be accessed using the cutting-edge technology that you have come to expect from our market-leading Household and Landlord insurance platform.

Instant access policy documents

Policy documents for the new Lifestyle Insurance product will be issued in electronic document form as standard. A benefit for your clients is that they can instantly view their cover and policy information once the cover is submitted, from any internet-enabled device, anywhere.

If digital documents are not to your client’s preference, hard copy documents can be requested during the quote at no extra cost.

Security and reassurance built-in

Unlike previous ASU offerings, Lifestyle Insurance is completely transparent to avoid any of the previous issues that have existed with ASU cover.

With a blanket policy to cover income, mortgage and rent, avoid confusion over which cover is needed and which your client is eligible for. Straightforward policy documents provide reassurance in the product, the cover limits, exclusions and waiting periods that will apply.

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 Flexible Commission

Our PremiumFlex functionality enables you to determine how much commission you take from a policy. Flex your commission from 0% – 27.5% on any Lifestyle case submitted via The Source to appropriately position the pricing and fend off the competition.

 Our commitment to you

At Source, we also promise that your commission is exactly that. Yours. The Source Commission Guarantee is our promise to pay your trail commission at the same level year after year after year which means an income stream that will not retire, even if you do.

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