MortgageProtector will now include unemployment only along with accident and sickness only and full accident, sickness and unemployment cover options.
Commenting, Paymentshield insurance director, Neil Galjaard, said: “There is a demand from brokers and from customers for this option to be made available as the economy struggles to move forward. Last week’s official unemployment figures released by the Office of National Statistics confirm an upward trend with another 44,000 joining the dole queue in the three months to December 2010.
“In partnership with our underwriters Aviva, Paymentshield has worked hard to reintroduce unemployment only cover on our MortgageProtector product to 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.”
In common with other insurers in the creditor marketplace, Paymentshield withdrew the ability for customers to opt for unemployment only cover in early 2009. However providers are now starting to see some stability in the market and are therefore more comfortable offering the product again, according to Paymentshield.