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Scottish Amicable uses website to plug mortgage protection product

Scottish Amicable is using its website to plug its&#39 new mortgage protection product.


Called mortgage protection it is designed to be either level term assurance or decreasing term assurance.


Individuals can mix and match the cover they want from mortgage protection. It enables them to pick elements from a list that includes unemployment cover, critical illness cover, waiver of premium benefit and mortgage payment protection.


IFAs will be able to get hold of product information, obtain instant illustrations and track new business, via the Scottish Amicable web site www.scotam-adviser.co.uk.


Policyholders will also have the ability to make changes to cover depending on what is happening in their lives. This means it is a simple and clear product which should appeal to many individuals. However the ability to bolt on extra options may lead the policyholder to attach everything without realising that this can make the product instantly more expensive.


Based on a joint life level term cover policy for a non-smoking couple aged 30 for a sum assured of £100,000, with waiver of premium, critical illness and unemployment cover, the monthly premiums for Mortgage Protection come to £61.33. Compared to this the monthly premiums for Legal & General&#39s mortgage payment insurance and Scottish Provident&#39s self assurance come to £60.77 and £73.51, respectively.

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