Unemployment plan from Burgesses
MORTGAGE SOLUTIONS - 1ST JANUARY 2005
Underwriter Burgesses has launched a mortgage unemployment insurance.
KwikSAFE is underwritten at Lloyd’s and provides tax-free benefits of up to £2,500 a month, or 75% of normal income whichever is lower, to new and existing mortgage borrowers.
The plan is open to those who have worked for a minimum of 16 hours per week over the past six months, including the self-employed, contract workers and company owner-directors.
It costs £3 per £100 of benefit, including tax. Benefits are paid after a 30-day deferral period for a maximum of 12 months.
