Paymentshield is restoring its unemployment only option on its mortgage payment protection insurance product.
MortgageProtector will include unemployment only along with accident and sickness only and full accident, sickness and unemployment cover options from today.
Neil Galjaard, insurance director at Paymentshield, says there is a demand from brokers and from customers for this option.
He says: “In partnership with our underwriters Aviva, Paymentshield has worked hard to reintroduce unemployment only cover on our MortgageProtector product.
“This will help intermediaries best serve new mortgage or remortgage clients that are particularly worried about the prospect of keeping up with their mortgage payments should they find themselves unemployed.”
Paymentshield withdrew the unemployment only option in 2009.
Its research shows almost half of 1,030 adults surveyed have never had their finances reviewed by a professional. Only 27% have had reviews in the past two years.
Galjaard says: “There is an ob-vious opportunity here for brokers to maximise their commission earnings and look after their clients’ best interests.”