Image:
"Much-needed certainty and confidence to advisers and to borrowers," Ron Wheatcroft, technical manager, Swiss Re.
Providers supplying mortgage protection solutions alongside State benefits should 'keep it simple'
The Department for Work & Pensions (DWP) has confirmed that income from mortgage protection pay-outs would be excluded from means-testing for State benefits, following a request for clarification by the Building Resilient Households Group. This means that holders of a Support for Mortgage Interest Loan (SMIL) will not have their income from insurance policies assessed against their State benefits. The news was warmly welcomed across the industry, with Tom Baigrie, CEO of Lifesearch, calling...
To continue reading this article...
Join Cover
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Exclusive access to our fortnightly Protection insight mini-podcast.
- Be the first to hear about our CPD accredited events and awards programmes.
