Underwriting agency Goodfellows is linking up with Paymentshield to launch a single premium mortgage...
Underwriting agency Goodfellows is linking up with Paymentshield to launch a single premium mortgage payment protection insurance product.
The policy, Maximum Security, offers extended claims payments for up to five years and is underwritten at Lloyd's. A single premium of £628.56 will buy a benefit of £360pm for 36 months with a deferred period of 60 days.
It is also fully compliant with the ABI/CML baseline standard for mortgage payment protection and is available to new mortgage borrowers resident in the UK, aged between 18 and 65 and who have worked for a minimum of 16 hours per week over the past six months.
Elizabeth Guidera, head of marketing at Goodfellows, said: "This product offers a win-win situation for everyone. Brokers get a unique marketing opportunity, along with immediate commission of 30%, and applicants will be paid for up to five times longer than they would under most other policies."
The deal offers full portability between lenders, premium waiver during a claim and the option of additional income protection of up to £250 per month. Full cover is available for the self-employed, shareholding directors, business proprietors and contract workers.
Contact: 020 7264 2012
