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Norwich Union underwrites MPPI

Norwich Union has ushered in its mortgage & payment protection insurance, a mortgage payment protection insurance plan that tailors premiums to the individual&#39s circumstances.

Unlike most plans, which follow a one size fits all approach, this plan is based on underwriting. So a borrower&#39s age, occupation and sex will have a bearing on the premiums they pay, as well as the deferred period and benefit term.

Policyholders can choose to take accident and sickness cover only, unemployment cover only or both types of cover. There is a choice of deferred period between 30, 60 or 90 days, with a choice of a benefit payment term of 12, 18 or 24 months.

The Norwich Union plan offers more choice in terms of deferred period and benefit payment term than Berkeley Alexander&#39s freesafe mortgage payment protection insurance. This only has a 30-day or 60-day waiting period, with benefit payment terms of 12 or 24 months. The Berkley Alexander plan does not base premiums on underwriting, but it appears more expensive than Norwich Union.

A 29-year-old permanently employed computer analyst who is an existing borrower, requiring monthly benefit payable on a 30-day basis for 12 months, would pay £4.58 for every £100 of cover for accident, sickness and unemployment benefit with Norwich Union and £5.25 for every £100 of cover with Berkeley Alexander&#39s plan.


Bacon & Woodrow launches online trustee service

Bacon & Woodrow is extending its online services to meet the education and information needs of pension fund trustees. Research from the actuaries found following the Myners report, a quarter of UK pension managers believe their trustees need more training. Its Online Trustee service has reference documents, explanatory material, and training materials on fundamental issues, […]

NU&#39s MPPI can cover credit cards and bills

Norwich Union is offering mortgage payment insurance which allows borrowers to extend coverage from their mortgage to other outgoings such as loans, credit cards and regular bills.The product replaces its MPPI offering and includes a 33 per cent introductory discount for claim-free customers.There is no qualifying period for unemployment cover for claim-free customers who take […]

Aifa claims CP121 proposals could stifle innovation

Aifa says the FSA&#39s proposed reform of polarisation will create competitive distortions which will fatally weaken the competitive stimulus of the market.Aifa says the existence of a strong, competitive, independent distribution arm enables new providers offering innovative products to enter the market without the cost of controlling their own distribution.Without independent distribution, entering the market […]

Bristol & West joins Mortgage Promotions&#39 Panel

Network Mortgage Promotions has added Bristol & West Mortgages to its lending panel for member brokers. Bristol & West&#39s full range of mortgages, including prime, buy to let, self certification and adverse, will be available through the panel. Other lenders on the panel include Cheltenham & Gloucester, Coventry Building Society, Nationwide Building Society, Intelligent Finance […]


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