"We recognise the uncertainty that many households are facing due to ongoing economic headwinds. Despite this, there are few providers actively offering these products to consumers."
- Louise Pengelly, director of proposition at Paymentshield
Paymentshield has made several enhancements to its protection offering, reintroducing Unemployment Cover to its Mortgage Protection product, to sit alongside Accident & Sickness Cover, as well as optimising the quote journey for advisers.
This enhanced proposition allows customers to cover mortgage payments and associated insurance premiums for up to two years if they’re unable to work due to accident, sickness, unemployment – or if they need to become a caregiver.
Customers also have the option to increase their monthly benefit by up to 33% to cover other financial commitments, such as utility bills or credit card payments. The maximum monthly benefit is £3k or 75% of gross income.
“We recognise the uncertainty that many households are facing due to ongoing economic headwinds. Despite this, there are few providers actively offering these products to consumers.
“With 30+ years of experience in Mortgage Protection, we felt it was imperative to fill this gap, equip advisers with a greater suite of products, and deliver peace of mind to those who need it most,” explained Louise Pengelly, director of proposition at Paymentshield.
Alongside these enhancements, the provider has announced the migration of its current Mortgage Protection and Income Protection (IP) book to AmTrust Specialty Ltd, a subsidiary of AmTrust International. Uris Group will act as claims administrator.
This enhanced product is now available for new customers, with Paymentshield’s existing Mortgage Protection and IP policyholders automatically transferred with no interruption in cover.
