Building Block PCC Ltd, the Malta insurer, is to underwrite a new Short Term Income Replacement (STIR) product, marketed as a ‘lifestyle’ product to replace income or cover mortgage/rent in the event of a successful claim.

A new panel has been developed and relaunched by The Source, the dominant player in providing General Insurance products to the IFA and financial advice market.

Andrew Sajo, The Source’s head of strategic relationships, said:  “Source Insurance has developed a new lifestyle insurance product through extensive market research among IFAs and policyholders.”

“As a consequence, we 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.

“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.”

“We are delighted to have Building Block on our panel of insurers for this new product. We have worked very closely together to develop the new lifestyle product and see Building Block as a natural fit within this market as a specialist and niche insurance provider with a very innovative customer centric approach. We look forward to working with Building Block further on this and future products.”