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Safe as houses for Berkeley Alexander

Berkeley Alexander has designed MortgageSafe, an accident, sickness and unemployment (ASU) mortgage protection plan that is available to new and existing borrowers.

There is a choice of a 30- or 60-day deferred period and cover can be limited to unemployment only or disability only. This enables borrowers who already have critical illness or income protection to add ASU to the cover they already have without the benefits overlapping.

MortgageSafe allows benefits to be paid for 12 or 24 months once a claim is made. Premiums are based on the type of cover, the deferred period and the length of time benefits will be paid. The maximum cover is restricted to the lower of £1,500 a month or 65 per cent of normal salary.

New borrowers get free cover for the first six months and existing borrowers get free cover for the first three months

Paymentshield&#39s freestart also limits cover to a maximum of £1,500 a month or 65 per cent of salary.

Freestart has a wider choice of deferred periods than MortgageSafe — 30, 60 and 90 days. However, it limits the duration of the benefit to 12 months, while MortgageSafe allows benefits to be paid for double that period. MortgageSafe is also competitive.

Unemployment and disability cover for a single person with a 60-day waiting period and a benefit period of 12 months is £5.50 for each £100 of monthly benefit with Freestart and £4.25 with MortgageSafe.

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