Paymentshield has enhanced its protection offering, together with the reintroduction of unemployment cowl to its mortgage protection coverage, to take a seat alongside accident and illness cowl.
The basic insurance coverage supplier has additionally migrated its present mortgage protection and revenue protection e-book to AmTrust Specialty Limited, a subsidiary of AmTrust International, with Uris Group performing because the claims administrator.
Paymentshield has additionally optimised the quote journey to make it simpler for advisers to supply purchasers a value to guard their mortgage.
The enhanced mortgage protection product permits prospects to cowl mortgage funds and related insurance coverage premiums for as much as 24 months in the event that they’re unable to work because of accident, illness, unemployment or if they should turn into a carer.
As a part of the updates, prospects even have the choice to extend their month-to-month profit by as much as a further 33% to cowl different monetary commitments like utility payments or bank card funds, with the utmost profit being £3,000 or 75% of gross revenue per 30 days.
Paymentshield director of proposition Louise Pengelly says: “We recognise the uncertainty that many households are dealing with because of ongoing financial headwinds. Despite this, there are few suppliers on the market actively offering these merchandise to customers.”
“As specialists with over 30 years’ expertise in mortgage protection, we felt it was crucial to fill this hole, equip advisers with a better suite of merchandise to debate with their purchasers, and ship peace of thoughts to those that want it most.”
Last 12 months, Paymentshield launched a help community in response to the rising variety of basic insurance coverage specialists.
