GE Financial Insurance (GEFI) has launched a dual creditor insurance product, Payment Protection Plus.
This combines both mortgage payment and income protection and has been developed with Swiss Life for Bradford & Bingley.
Ciarn Barr, marketing director at GEFI, said: “We view this product as something of a testament to our customer responsiveness.”
Barr points out that about 30,000 homes have been repossessed due, at least in part, to the fact that many homeowners simply don't realise that there are strict criteria for qualifying for state mortgage support when they become involuntarily unemployed, or are unable to work because of accident or sickness.
Ian Darby, commercial director of distribution at Bradford & Bingley, said: “We identified a need for Payment Protection Plus among our existing customer base and looked for an insurer that provided reliability, experience and competitively priced products.”
Payment Protection Plus is now available through Bradford & Bingley's high street branches or its independent retail brand, The Market Place.
GEFI currently services more than 25 million customers in 17 countries.