Compass Underwriting and Assurant Solutions have launched a new web-based mortgage payment protection insurance that rewards loyalty through consumers’ no-claims history.
The MPPI plan, MortgageRewards, promises customers a two-month premium payment holiday for every complete 12 month period without a claim. This reward repeats every year for the life of the policy.
MortgageRewards is an age-rated monthly-premium accident, sickness and unemployment (ASU) policy which will be marketed to the intermediary and IFA markets through an exclusive arrangement with wholesale broker Berkeley Alexander.
Compass Underwriting will administer the scheme on behalf of the
underwriter, Assurant Solutions.
Assurant Solutions sales and marketing director Ian Moffatt says: “Long
before the FSA and OFT began their investigations into the payment protection insurance industry, we began working to develop and encourage range of flexible products and features that are more appropriate to consumer needs. We are pleased to see the industry adapting to the need to treat customers fairly, offering them products which are flexible and value for money.”