Mortgage protection offering enhanced alongside migration to a new insurer

We’re pleased to announce enhancements to our Mortgage Protection offering, including the reintroduction of unemployment cover to our mortgage protection policy, to sit alongside accident and sickness cover.  

Alongside enhanced coverage, we’ve also migrated our current mortgage protection and income protection book to AmTrust Specialty Limited, a subsidiary of AmTrust International, with Uris Group acting as the claims administrator. 

AmTrust International is a division of AmTrust Financial Services, Inc., an A- rated global insurer. AmTrust is a global specialty insurer offering tailored cover options to the protection market and is one of the world’s largest underwriters for niche insurance. 

In addition to offering an enhanced product, advisers will also see an optimised quote-and-buy journey, making it quicker and easier for advisers to generate a quote. This means advisers will have the same consistent experience when using Paymentshield’s mortgage protection, home and landlord’s quote-and-buy journeys. 

These developments underline our commitment to ensuring every home is protected against a backdrop of economic uncertainty for many. According to the Chartered Institute of Personnel and Development, employer redundancy intentions have risen to their highest level in a decade.  

In addition, recent research from market research firm Finder estimates that one in six adults (16%) have no savings, whilst almost half (39%) have £1,000 or less saved, and almost one quarter (23%) have £200 or less. As of April 2025, Finder also estimates that the average monthly mortgage repayment on a house in the UK is £1,428. It means that many households across the UK could face financial distress after just a few weeks without income. 

The enhanced mortgage protection product allows customers to cover mortgage payments and associated insurance premiums for up to 24 months if they're unable to work due to accident, sickness, unemployment or if they need to become a carer.

Customers also have the option to increase their monthly benefit by up to an additional 33% to cover other financial commitments like utility bills or credit card payments. The maximum benefit is £3,000 or 75% of gross income per month. 

Louise Pengelly, Director of Proposition at Paymentshield, says: 

“We recognise the uncertainty that many households are facing due to ongoing economic headwinds. Despite this, there are few providers out there actively offering these products to consumers. As experts with over 30 years’ experience in mortgage protection, we felt it was imperative to fill this gap, equip advisers with a greater suite of products to discuss with their clients, and deliver peace of mind to those who need it most.” 

The refreshed mortgage protection product is now available for new customers to purchase, with Paymentshield’s existing mortgage protection and income protection policyholders automatically transferred to the new insurer with no interruption in cover.