A general insurer primarily known for its home and contents offering has launched a new age-banded mortgage payment protection insurance (MPPI) product.
Select & Protect's new Intego proposition classifies applicants into five-year age bands starting with an 18-25 group all the way up to a 55+ category. Its creators claim the cover is unique in the marketplace and is the first to avoid hitting MPPI customers with a one-size-fits-all policy.
"Intego works on the basis of your age at entry and you retain the price you were paying when you first took out the cover throughout the duration of the policy. Understandably, there is a big difference between the premiums for a 25-year old and the premiums for a 55-year old," said Bruce Reid, managing director at Select & Protect.
The policy offers cover both from the first day of unemployment and sickness or after a 30 day waiting period. At present the maximum claims period is 12 months but there are plans afoot to extend coverage when the second phase of Intego is launched in January 2006.
Other features include access to web-based rehabilitation and job-seeking services and carer cover that will allow policyholders to make a claim in the event they have to take time off to care for their spouse or children.
Intego customers will also have access to Norwich Union Healthcare's personal health manager service as part of the underwriting agreement between the two companies. Reid also confirmed that the MPPI product is a wholly paperless policy and that all submissions must be made online. The service is now live.
