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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 out cover at the same time as they arrange a mortgage.

Customers can choose deferred periods of 30, 60, or 90 days and opt for different deferred periods for the accident sickness element than for the unemployment aspect.

The definition of employment includes self-employed, contract or part-time workers who work for more than 16 hours a week.

Maximum monthly benefits under the plan is £2,500 for single policyholders and £3,000 for couples.

Spokeswoman Louise Zucchi says: “More and more people are becoming aware of the need for mortgage payment protection cover and we need to ensure they are getting the best value for money.”

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