InsuranceLine has launched a new income protection product for stay-at-home parents – providing up to $3000 a month if they are unable to perform their regular duties.

It will also cover workers in sectors such as mining who have previously struggled to obtain income protection, according to John Hoyle, CEO of the TAL-owned direct life insurance business.

“Historically, many income protection products have excluded stay-at-home mums and dads and those working in an industry such as mining and natural resources,” he said.

“For too long there has been a one-size-fits-all approach to income protection in the direct market.”

The cover also extends to SME business owners in the event of insolvency.

Direct quotes will be available in two ways: the “rate saver” option requires applicants to supply detailed health and lifestyle details in return for more features, lower waiting times and premiums, while the “time saver” application will avoid lengthy questionnaires.