General insurance network CETA has teamed up with Cardif Pinnacle to launch a mortgage payment protection insurance product which will be sold through CETA’s 16,000 members.
The product has been developed to try and address the concerns raised by the Office of Fair Trading’s report into the PPI sector.
Premiums start from £2.20 per £100 of monthly benefit for accident, sickness and unemployment cover and the product is aimed at younger borrowers and first-time buyers.
The policy also has a back-to-work support initiative which includes help with writing CV’s, employment workshops and Jobseeker and health guides.
CETA managing director David Quick says: “Much of the concern about MPPI stems from the fact that it was sold in a simplistic way with cost as the prime consideration which led to many people buying the wrong policy and then finding their claims have been refused. Our new policy is benefits rather than costs led.”