British Insurance has launched a new mortgage payment protection insurance product which will be underwritten by Norwich Union and distributed by Paymentshield.
The insurance is level rated and underwriting does not take into account age, occupation or gender. Disability cover and unemployment cover costs £1.95 per £100 of cover individually or £2.95 per £100 of cover for both.
Managing director Simon Burgess says the policy offers cover for monthly payments including related life and home insurance premiums and an extra 25 per cent of optional cover is also available as long as the total benefit is no more than £1500 or £75 per cent of an applicant’s income.
Burgess says: “MPPI is sold by high street providers as a money making venture rather than a value added protection policy. By taking a little bit of time to seek out MPPI that is independent of the mortgage they are signing up to borrowers can save themselves tens of thousands of pounds.”