Anthony Kidd Agencies (AKA) has launched a mortgage payment protection policy that is triggered by involuntary unemployment or by redundancy following an accident, disability or sickness.
The Cox Insurance group member will cover new and existing mortgage borrowers for mortgage payments and other mortgage-related commitments.
AKA's plan, which meets the requirements of the Council of Mortgage Lenders, has a choice of 30, 60 and 90 days waiting periods, with an option to take out joint cover with full entitlements for either borrower where the insured has a joint mortgage. Benefit payments last for up to 12 months for each separate claim. Accidental death benefit amounts to 12 times the monthly benefit payment.
Premiums as a percentage of required monthly benefit for single cover range from 5.95 per cent for the 30 day waiting period (11.9% for joint cover) to 4.95 per cent for the 90 day waiting period (9.9 per cent for joint cover).
Commission payable to brokers is 25% of the premium, excluding Insurance Premium Tax.