MortgageLIFELINE is an age-banded product, offering homeowners a benefit level of up to £1,750 per month, as well as up to 50% monthly benefit for additional mortgage related expenses.
Mark Hutchings, sales and marketing director at Berkeley Alexander, said: “The feedback we’ve had from our agencies and business partners is that the cost of homeowner ASU is making it increasingly difficult to sell these policies. Times are hard for borrowers, and advisers needed us to deliver even more value for money.”
“We have listened to the needs of our advisors and as a company that is agile in adapting to market demands we have developed a range of products that truly meets the needs of their customers as affordably as possible. MortgageLIFELINE once again demonstrates our ability to deliver innovation.”
Rates start at £2.15 per £100 for full ASU cover. The product also includes a partial return to work feature which tops-up income from any part-time work; a provision for current claims to continue beyond retirement age; no limit to benefit based on income and removal of the need for the policy to cease when the mortgage is paid off.