Protection – Burgesses
MORTGAGE SOLUTIONS - 1ST JUNE 2004
Description: mortgage payment protection insurance underwritten at Lloyd’s, which will pay out on redundancy or disability.
Availability: 18-65 new and existing borrowers.
Maximum benefit: £1,500 per month or 65% of normal income, whichever is the lower.
Claims paid: For up to 12 months following 30-day deferred period.
Offers: Free three months’ cover to all borers; free 25% additional cover for lifetime of policy; free policy transfers from existing more expensive policies.
Rates: Unemployment and disability cover, 5.5% of monthly mortgage outgoing for 30-day excess, 4.5% for 60-day excess; unemployment only/disability only cover, 3.5% and 3% respectively.
