Burgesses offers free unemployment cover
INSURANCE TIMES - 8TH OCTOBER 2002
Underwriting agency Burgesses is offering six months free unemployment cover to all new mortgage and re-mortgage applicants.
Managing partner Simon Burgess comments: “Despite sounding too good to be true, Burgesses can now provide free cover without obligation or cost to either the mortgage lender or new mortgage borrower.”
HouseSAFE provides a monthly benefit of up to £1,500 or 75 per cent gross income, whichever is the lower after 30 days. Cover is available to all UK residents below retirement age, including employed, self employed, contract workers, provided the work for a minimum of 20 hours per week.
After six months free cover premium rates charged are £3.30 per £100 monthly benefit – payable for up to 12 months.
All benefits are free of tax and discounted when calculating Income Support and other benefits.
Simon Burgess continues to say: “Unemployment insurance is the essential purchase of the 2000’s.
“By giving away free cover we anticipate considerable success in both policy sales and the strengthening in the relationship between mortgage lender and borrower.”
Burgesses is also launching earningSAFE – a package of low cost non-discriminatory protection against the risks of unemployment.
Cover is available to all UK residents below retirement age – irrespective of occupation, gender or employment status.
Burgesses believes the occupation criteria is the widest on the market, allowing employed, self employed, contact workers and owner-directors to be covered on either a full or part-time basis, provided they work a minimum of 20 hours per week. Premiums start at £3.25 per £100 of monthly benefit which is payable for up to 12 months.
