Managing agency Goodfellow has launched a new company called Securityfirst to sell mortgage payment protection insurance online.
But the company has also thrown down the gauntlet to the rest of the market by offering £100 to anyone who can prove that they can find a better deal in the UK.
It is underwritten at Lloyd's, and is fully compliant with the agreed baseline standard from the Council of Mortgage Lenders and the Association of British Insurer baseline standard.
Securityfirst is available to new and existing Mortgage Borrowers aged between 18 and 65, irrespective of occupation, employment status, or people who work on a full or part time basis, provided that they have worked for a minimum of 16 hours per week over the past six months.
It provides full Accident Sickness and Unemployment cover with a 30 day waiting period and 12 month benefit for only £4.25 per £100 of monthly benefit.
This itself is only payable after the three month free cover that is given to all Mortgage Borrowers; including those who transfer from existing, more expensive policies.
Managing director, Simon Burgess says: "Our premiums are on average one third less than those charged by Banks and Building Societies, whose existing customers will be our main target. By transferring to Securityfirst they will able to maintain cover, pay nothing for three months and thereafter save £100's over the policy's lifetime."
Securityfirst is available in a paper Brochure and Application or online at www.securityfirst.co.uk