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Mortgage protection on the modular menu

A new menu-based mortgage protection product is on offer from Norwich Union to meet the demand for protection created by the boom in repayment mortgages.

NU&#39s mortgage life insurance plan offers life insurance and critical-illness cover, sickness and disability protection as repayment loans do not have in-built protection.

The plan has an introductory discount of 3 per cent on life and integrated critical-illness cover premiums.

It has a modular structure so the cost of each component can be identified. IFAs can also submit business electronically through NU&#39s IFA extranet.

Research commissioned by NU among working mothers shows 44 per cent worry most about losing their health,but only 28 per cent of families have critical-illness cover.

The plan features decreasing life cover, terminal-illness cover, critical-illness, premium protection and mortgage protection. If a couple separate, the policy can be split into two plans.

Mortgage and protection marketing manager Keith Simm says: “The switch away from endowment sales means people who did get protection cover automatically now have to arrange it separately.

“With this plan, customers get access to many types of cover which they can add or remove as they go along.”

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