What:
MetLife has launched MortgageSafe to offer homeowners, old and new, reassurance by providing a monthly benefit for covering mortgage repayments if the policyholder can’t work due to an accident or illness.
Why:
MortgageSafe offers homeowners the peace of mind that if any misfortune occurs, at least their mortgage repayments will be covered. Self-employed workers who don’t get sick pay, and first-time buyers, particularly benefit from this policy.
How:
- MortgageSafe covers some or all of the monthly mortgage payments, up to a maximum of £1,500 per month, for up to 12 or 24 months.
- Policyholders can choose from three plan options (Core, Essential12, and Essential24) to suit their lifestyle, health, and the cost of the mortgage repayment.
- There is no medical underwriting for accident-only cover; only a simplified underwriting process with five health questions for accident and illness cover.
- Applications do not require GP or health check report, income, financial underwriting, or family history.
- If an individual can’t work for at least four weeks, they can claim benefits paid back to day one.
- One can also elect for MetLife to make payments directly to the lender.
- Policyholders can choose to add an optional Child Cover to their policy for an extra £3 per month.