Paymentshield have made an update to their Mortgage Payment Protection Insurance which means policies can now be sold alongside product transfer mortgages as well as new mortgages and remortgages.
Mortgage payment protection (MPPI) from Paymentshield offers protection from loss or income due to accident and sickness or unemployment (including carer cover) and employment legal protection, including legal health assistance. The policy can provide cover for up to 12 or 24 months.
To be eligible for Mortgage Payment Protection Insurance, customers must be paying or about to pay a mortgage agreement for a residential property which is permanently occupied by them and their immediate family as their home. Product transfer mortgages are now included within the eligibility for the policy along with remortages and new mortgages as long as the start date is within 30 days of the policy start date.
This latest development to the product means that Paymentshield can provide cover to a customer completing a product transfer with advisers just needing to be aware of the following:
- If the customer is completing a PT and doesn’t have an existing protection policy – then a standard 90-day initial exclusion period (IEP) will apply
- If the customer has an existing protection policy in place and transferring it to PSL – no IEP will apply
This information will be included in customers’ insurance documentation (both their Policy Document and IPID) and we’ve added supporting text into the Adviser Hub quote journey.
To find out more about Paymentshield’s Mortgage Payment Protection Insurance please contact your Business Development Manager or visit the Paymentshield website.