Mortgage and protection network Stonebridge has launched a new accident, sickness, and unemployment (ASU) partnership with independent insurance provider, Wessex Group, for its member firms.

Created by Wessex Group in conjunction with AmTrust via Qualis Credit Risk, the new homeowners income protection (HIP) product has been designed to work as a flexible option for advisory firms to offer clients as part of their protection suite.

Stonebridge said the new product provided can further protection options for its member firms to offer their customers and was “welcome” in the context of Consumer Duty.

Both Stonebridge and Wessex Group are running a series of introductory webinars that cover the product in detail and outline appropriate consumer scenarios.

Chief executive at Stonebridge, Rob Clifford, commented: “We’re very pleased to be adding this new ASU product from Wessex Group to our array of protection products and to be working closely with both Wessex and the Qualis protection team to provide our members and their clients with this excellent product.

“Regardless of network, advisers have not had an array of ASU choices in recent years, and it’s therefore important we provide our AR firms and advisers with access to a product that is increasingly in demand, particularly in a Consumer Duty context and for individuals who need to protect themselves against greater levels of uncertainty.

“Data from AmTrust suggests demand for ASU products saw a 25% increase between the first and second halves of 2023. This trend has continued into 2024, and with the unemployment-only cover option available, we can cater for what we anticipate will be increased demand for these product options.”

Joint managing director at Wessex Group, Nigel Preston, added: “We believe this new ASU product will meet a growing demand from homeowners and in particular first-time buyers, especially in these challenging economic times.

“Recently, advisers have had slim pickings to choose from in terms of ASU product cover for their clients, and this has often meant consumer advice has focused on life Insurance and Critical Illness alone, which, while valuable in their own right, do not address the short-term income impacts of an accident, sickness, or unemployment event.”

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