British Mortgage Insurance
REVIEWS - 1ST NOVEMBER 2007
The latest mortgage payment protection insurance policy from Simon Burgess’s British Insurance is underwritten by Norwich Union and administered by Paymentshield.
The main features of the plan are:
• Three months free cover for all policyholder.
• Choice of Unemployment only (at £1.95% a month per £100 monthly benefit), Disability only (also £1.95%) or both for £2.95% per month. Unemployment cover also pays out on becoming a full time carer. That benefit includes a ‘back to work’ service, which provides independent confidential advice and guidance on getting back to work.
• Maximum benefit is 125% of monthly mortgage costs up to a maximum of the lower of £1,500 or 75% of income.
Benefits are paid for up to 12 months. There is a three month initial waiting period for existing mortgagors on the unemployment cover.
British Insurance claims that a £100,000 loan costing £700 a month could be covered for £20.65 a month compared to an average of £42.34 with the top ten mortgage lenders or up to £53.90 a month with Cheltenham & Gloucester.
We like: Simple to buy and understand and undercuts high street lenders. Big names underwriter.
We dislike: Only pays for up to 12 months.
Contact: www.britishinsurance.com/mortgage-insurance
Rating (max 5): Innovation: 3. Overall: 3.
