Paymentshield has launched a stand-alone mortgage payment protection policy called Firstrate.
Firstrate will be underwritten by Hamilton Insurance and provide full accident, sickness and unemployment cover, based on a 60-day excess, from £3.55 per £100.
Agents for Paymentshield can choose two methods of commission payment; either a guaranteed one-off payment of up to £100 and £200 for joint cover or 25% of each premium received for the lifetime of the policy.
Paymentshield sales and marketing director Gareth Riding said the company supported the government's move to bring down the cost of mortgage payment protection insurance.
