Covéa will back the IncomeShield and MortgageProtector products, replacing previous insurers Cardif Pinnacle and Aviva.
Paymentshield proposition and insurer relations director Amanda Fox says: “The appointment of Covéa Insurance to provide the cover for these products will further improve our reputation within the industry and should give mortgage brokers even more confidence in the quality of the products they provide to their clients.”
Covéa will take over the MortgageProtector product on 28 August and IncomeShield on 3 October.
Both products include back to work support, legal advice and carer cover.
MortgageProtector can also cover utility bills, council tax and home insurance.
Covéa Insurance director of commercial and affinity partnerships Steve Williams says: “Being unable to generate a regular income as a result of accident, sickness or unemployment is difficult enough, without having the added pressures of covering the mortgage and funding day-to-day life.”