Burgesses goes online with mortgage payment protection insurance
MORTGAGE SOLUTIONS - 1ST APRIL 2003
Burgesses has launched an online mortgage payment protection insurance with a guaranteed payment of £100 to anyone who can find a better deal elsewhere.
Underwritten at Lloyd’s and fully compliant with the Council of Mortgage Lenders and Association of British Insurers baseline standards, Securityfirst is available to both new and existing mortgage borrowers aged between 18 and 65, irrespective of occupation and employment status.
It is billed as the first product of its kind to provide full accident, sickness and unemployment cover with a 30-day waiting period and 12-month benefit for only £4.25 per £100 of monthly benefit.
A client wishing to protect an average mortgage repayment of £470 against the risks of both unemployment and disability would pay just £20 per month inclusive of tax from the fourth month after the policy inception.
There is no initial exclusion period for new mortgage borrowers and only 90 days in respect of unemployment for existing borrowers.
