Mortgage payment protection company Paymentshield has revamped its existing product freestart, an accident sickness and unemployment policy.
Freestart was launched in 1997 and is for borrowers who are about to or have just taken out a mortgage and are concerned about making repayments in the event of unemployment, sickness or accidents.
The product offers immediate free cover to clients. Customers can also opt for 'back to day one' cover, by which if the person covered is ill or unemployed for 30 days, they receive a payment for that time period on the 31st day. The maximum monthly benefit is £1,500 and the premium depends on the size of the mortgage taken out and the level of cover opted for.
Freestart has proved to be a popular product in the mortgage market since it was brought in. However it is no longer as unique as it used to be. Mortgage payment protection plans are becoming increasingly popular and Freestart is now a part of a growing market in which it no longer stands head and shoulders above the rest.