Malta-based insurer Building Block has expanded its catalogue with a new short-term income replacement (STIR) plan.
The firm said a new panel has been developed and relaunched by The Source, a general insurance products provider based in the UK.
The Source’s head of strategic relationships Andrew Sajo said the product was developed through extensive market research among independent financial advisers and policyholders.
“[W]e have created a market leading common policy wording that is customer friendly, flexible and offers a wide variety of coverage limits to suit individual customer needs which is competitively priced,” he said.
The STIR plan will be marketed as a “lifestyle” product to replace income or cover mortgage or rent in the event of a successful claim.
“The product has carer cover and career support service as standard and we will be adding further enhancements to this product which are currently being developed,” added Sajo.
Sajo said The Source sees Building Block as a “natural fit” within the lifestyle product market, as a specialist and niche insurance provider with a “very innovative customer centric approach.”
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