Policy complexity, lengthy underwriting and time pressures can be a challenge when adding protection to the mortgage advice process. But MortgageSafe, a new protection policy from MetLife, addresses these issues, giving you and your clients the confidence of cover.
MortgageSafe is a refreshingly simple protection proposition. If your client is unable to work due to illness or injury, it will pay a monthly benefit towards their mortgage repayments.
Straightforward proposition
Three levels of cover are available: accident-only 12-month benefit payment period; accident and illness for 12 months and accident and illness for 24 months. You simply select the level of cover your client needs and how much monthly benefit they would like based on their monthly mortgage repayments.
Claims are also straightforward. If they’re unable to work for at least four weeks they can claim benefit paid back to day one. This makes it’s easy to understand how much they’ll receive, removing financial worries so they can focus on getting well. They can also choose to have the payments paid directly to them or to their mortgage provider – the choice is theirs.
Affordable and flexible
MortgageSafe is designed to be affordable and sits alongside traditional protection policies. Clients can take out between £200 and £1,500 of cover a month, with premiums starting from as little as £5 a month. Your clients also have the reassurance that, if their circumstances change, it’s easy to increase or decrease cover, or switch to a different level of cover.
Streamlined underwriting
It also offers a simple, light-touch approach to underwriting. There’s no medical underwriting if they select accident-only cover, and just five simple health questions if they opt for accident and illness cover. This makes taking out cover quick and simple.
Accessible for many
What’s more, as cover is linked to need rather than salary, MortgageSafe is an option for a wide range of clients. Take the UK’s 4.56 million[1] self-employed people as an example. Although many may struggle to prove income levels on a traditional protection policy, this isn’t necessary with MortgageSafe. Taking this refreshingly simple approach makes it easy to talk to your clients about protection and give them the reassurance that, if they were ill or injured, their mortgage repayments would be protected.
For more information, visit metlife.co.uk/mortgagesafe or speak to the team on 0800 917 2221.
