Shepherds Friendly: New mortgage protection insurance
Thursday, 21 Feb 2008 15:08
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Shepherds Friendly Society is bringing out a new mortgage payment protection insurance (MPPI) policy with cover up to five years.
The policy can provide protection for the full term of a special mortgage deal – for example a two-year fixed rate deal or a four-year tracker, as opposed to the usual 12-month term of such insurance.
Mortgage payment protection insurance has hit the headlines recently about the way policies are tagged on to mortgages by lenders and concerns about low pay-outs when claims are made, so Shepherds Friendly is aiming to win back customer confidence with a customer friendly MPPI policy.
The policy can cover up to 130 per cent of monthly mortgage repayments – up to £2,000 a month – so other bills are met in the event of a claimant being unable to work due to an accident, illness or losing a job.
Premiums range from £2.07 to £15.94 depending on the length of cover and age of customer.