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The Exchange rates ASU

The Exchange has unveiled an accident, sickness and unemployment mortgage protection plan called the standard easi protect plan that is available to IFAs who use its internet service.

The plan is aimed at homeowners who want to protect their monthly mortgage repayments in case they are off work because of illness or injury, or if they become unemployed.

The monthly premium is £4.99 for every £100 of benefit required up to a maximum of £1,500 a month. The benefit is paid out after a deferred period of 30 days and is paid for up to one year.

It differs from its sister product, easi protect plus, in that it is a basic plan for clients who want to keep the cost of cover to a minimum. This could benefit the less well off who would be hardest hit if they were unable to work. However, buying a home is expensive and homeowners may be unwilling to pay additional costs for ASU if their finances are already stretched to the limit.

The Mortgage Operation&#39s Freestart is an ASU plan that is more competitive than the standard easi protect plan. It provides a higher amount of maximum cover at £1,875 a month and also pays out benefit for one year. Homeowners can choose from a deferred period of 30 or 60 days. Those who choose a 30 day deferred period pay £4.40 for every £100 of benefit required, which is cheaper than the monthly premium under standard easi protect.

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