Higos targets Mortgage Protection market with launch of enhanced ASU planTuesday 11th August 2009
With official figures showing a continuing rise in unemployment, Higos Insurance Services is responding to the needs of homeowners keen to safeguard their home loan payments with the launch of an enhanced Mortgage Payment Protection Insurance plan providing back to work support.
The new policy from FirstAssist has received a Defaqto 2009 5 Star Rating for the excellent range of high quality features and benefits. This policy enables Higos to offer cover to any continuously employed UK resident aged between 18 and 65 who holds a mortgage that is not in arrears. Previously, a maximum age limit of 63 applied. The product will also specifically provide the option of a joint policy for joint mortgage holders.
Homeowners can also insure for up to 125 per cent of the monthly mortgage payment to a maximum of £2,500.
“With the unemployment total set to continue rising steeply over coming months, Back to Work cover is becoming an increasingly important element of MPPI,” said Trudy Brown, personal lines manager for Higos.
“The new policy adds a telephone advice service for those faced with losing their job and an information pack to help those made redundant get back to work more quickly in these tough economic times.
“There is also no longer an exclusion relating to accident, sickness or unemployment relating to mental or nervous disorders. We recognise the recession has inevitably created stress for many workers whose future employment prospects are uncertain.”
Other conditions that have been eased include the deletion of an exclusion of accident, sickness or unemployment claims for individuals who are not in receipt of Jobseeker’s Allowance. The new policy does not require receipt of JSA, and will respond provided that the individual has registered as unemployed.