The new mortgageSAFETYNETscheme includes ‘back-to-day-one’ cover after a waiting period of 30 days, three months free cover, no initial exclusion periods for either new or re-mortgage borrowers or those transferring from existing policies.
Full ASU costs £3.95 per £100 of monthly benefit, and the policy is available to both new and existing mortgage borrowers aged between 18 and 65, irrespective of occupation, employment status (including self-employed and contract workers).
These features will enable a policyholder to pay from £19.75 per month, from month four onwards, to receive a monthly benefit of £500 against the risks of both unemployment and disability. Unemployment-only or disability-only cover would cost just £12.25 per month, payable again from month four onwards. All claims are payable for up to 12 months, excess of only 30 days and there is no limitation on the number of separate claims that can be made.
