Paymentshield – the leading provider of insurance to the mortgage intermediary market – has appointed Covéa Insurance to provide the cover for two of its leading protection products.
Covéa Insurance – a specialist in commercial, motor, high net worth, property and protection insurance – has become the chosen insurer to cover IncomeShield and MortgageProtector, replacing previous insurers Cardif Pinnacle and Aviva.
Amanda Fox, Paymentshield’s proposition and insurer relations director, said: “Paymentshield is committed to providing advisers with an unrivalled proposition in terms of product choice, quality, technology and training.
“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.”
The update will be made to the MortgageProtector product first on 28 August, followed by IncomeShield on 3 October. Both products also include back to work support, legal advice and carer cover, with MortgageProtector also offering the option to include cover for other costs such as utility bills, council tax and home insurance.
Steve Williams, director of commercial and affinity partnerships at Covéa Insurance, said: “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.
“Mortgage payment and income protection insurance can help relieve this pressure and we’re delighted to be working with Paymentshield to make this a reality. We’re looking forward to a long and successful partnership.”
Fox added: “Brexit has fuelled a great deal of uncertainty for employees. This increased fear of redundancy now makes it more important than ever to stress the importance of protecting income and mortgage payments to clients, to help them guard against this risk.”
Paymentshield policy holders are eligible for a monthly benefit of up to £2,000 for income insurance and £3,000 for mortgage payment insurance. They can receive payments over 12 or 24 months and there’s an option with MortgageProtector to delay paying premiums for three or even six months.