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Berkeley Alexander simplifies cover for mortgage payments

Protection provider Berkeley Alexander is offering a new mortgage payment protection product which it claims has a range of incentives for brokers and policyholders such as free cover and concise documentation.

It says the application process for FreeSafe is simple as no medical is required and cover is available irrespective of gender, occupation or employment status as it includes contract workers and the self-employed.

Benefits for policyholders include no initial exclusion period, as the cover starts on the day the mortgage completes, premium waiver during a claim and freedom to move between lenders while keeping the protection.

It claims premiums are competitive with full accident, sickness and unemployment cover available for £4.75 per £100, compared with an ABI survey average of £5.54.

Brokers are paid commission of 25 per cent of the premium immediately after completion of the policy and the commission can be taken either monthly or by annual indemnity.

This commission is paid for the full term of the policy, including a free cover period of six months available for new borrowers and three months for existing ones.

Managing partner Ted York says: “This is clearly a winwin situation for both consumer and broker and fulfils the Government&#39s manifesto commitment of improving the sustainability of homeownership through better mortgage protection.”


ABI wants local councils to refer business to LTC firms

The ABI is in discussions with the Government over a new long-term care product which would see local authorities act as an introducer to pensioners on behalf of a licensed LTC insurer.ABI head of health Richard Walsh says the scheme would see local authorities referring business to an insurer they had signed a contract with.Walsh […]

FSA consults on pension projections

The FSA has opened its consultation on changes to pension projections to take into account the introduction of the Government’s combined benefit statements.From April 2003, providers will have to provide a yearly illustration of money purchase pensions benefits based on real rates of projection in today’s prices. The FSA wants to include real projections in […]

Charter IT retains £80m in assets

Dresdner RCM Global Investors&#39 Charter European Investment trust has retained £80m of assets at its relaunch following a defeated hostile bid from Henderson. The trust, now restructured as the Charter Pan-European trust, lost most of its institutional investors after the Henderson bid but managed to hold on to around half of its private investors. It […]

Institute of Actuaries calls for pensions deferral

People should be able to defer pension contributions while they are committed to raising children and paying off their mortgages, according to the Institute of Actuaries. It says many people could be driven into debt by saving too soon and pensions need to accommodate “cash rich” and “cash poor” periods. A study by the Institute […]


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