Improvements to MortgageProtector Solo
October 2009
We've made some enhancements to MortgageProtector Solo, our MPPI product underwritten by Pinnacle Insurance plc, for existing mortgage borrowers (those who have had a mortgage or re-mortgage agreement in place for more than 30 days).
We have increased the monthly benefit from £1,500 to up to £2,000 per month, subject to a maximum of 65% of your customer's gross monthly income. This now means that you can arrange MPPI cover for your existing customers with larger mortgages, plus allows room for customers with mortgages up to £2,000 to choose up to 33% Additional Cover to help with other monthly household expenses.
Following your feedback we have also waived the 120 day Initial Exclusion Period for unemployment, for those customers wishing to transfer their current MPPI cover from another provider to MortgageProtector Solo on a like-for-like basis. Therefore should you transfer any of your existing customers from another like-for-like MPPI product, they will be eligible to claim for unemployment from day one of their policy.
Features and benefits of MortgageProtector Solo:
- 120 day Initial Exclusion Period waived for customers transferring from another MPPI provider on a like-for-like basis
- The option to cover up to an additional 33% of their monthly mortgage payment, helping to protect other household expenses
- Maximum total monthly benefit, including up to 33% Additional Cover, is now £2,000, or an amount equal to 65% of your customers' gross monthly income
- Qualification options of 30, 60 or 180 days excess, or 30 and 60 days back to day one cover
Furthermore these enhancements are available now with no price increase. So why not contact your back-book of existing mortgage customers and offer them the opportunity to protect their homes against the risk of repossession? To help you further you can download email and letter templates from our broker toolkit.
If you would like to talk more information, please call our Broker Support Team on:
T: 0845 0615 100
E: brokers@paymentshield.co.uk
Lines are open:
8.00am - 7.00pm, Monday to Friday
8.00am - 1.00pm, Saturday
This page is intended solely for the attention of Directly Authorised or Exempt Firms as defined by the Financial Services Authority.