Paymentshield has announced an upgrade to its mortgage protection cover, which now includes unemployment protection in addition to accident and sickness cover.
According to the Chartered Institute of Personnel and Development, employer redundancy intentions have risen to their highest level in a decade.
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.
In addition to offering an enhanced product, Paymentshield has optimised the quote journey to make it easier for advisers to offer their clients a price to protect their mortgage payments.
Alongside enhanced coverage, Paymentshield has also migrated its current mortgage protection and income protection book to AmTrust Specialty, a subsidiary of AmTrust International, with Uris Group acting as the claims administrator.
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.
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.
Louise Pengelly, director of proposition at Paymentshield, commented: “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.”
