Burgesses’ FreeStart
HEALTHCARE INSURANCE REPORT - 1ST JANUARY 2003
Simon Burgess’s Burgesses, in conjunction with insurance administrator Paymentshield, has launched a mortgage payment protection insurance policy that offers:
• No initial exclusion period
• ‘Back to day one’ cover
• A choice of either six months’ free cover at outset or three months plus 25% extra free cover for the full term of the policy
• Premium waiver during claim
• Full portability between lenders.
The policy offers a choice of combined unemployment and disability cover or either cover separately. Three waiting periods – 30, 60 or 90 days – are offered, although claims are backdated back to day one. Maximum benefit is lower of £1,500 and 65% of normal income. Commission is 25%
Comment: This new mortgage payment protection insurance policy exceeds the ABI/CML baseline standard in its back to day one cover and lack of an initial waiting period. It is also competitively priced – especially against plans offered by leading High Street lenders. Exclusions include pre-existing conditions, pregnancy and stress unless a consultant certifies that it prevents working.
