MPPI: Household insurer Commitments trumpets 'first-ever' long-term protection plan
Household insurer Commitments Protection has launched what it claims is the first-ever long-term mortgage payment protection insurance (MPPI) plan. The product, called Omega, offers cover for the full mortgage term or until the policyholder is 60, in contrast to the average 12-24 months' MPPI cover. Policyholders can claim at any stage a month after taking out the cover under an arrangement that sees Assurant Solutions underwrite the first year and Holloway Friendly underwrite years two to 25. The cover is more expensive than conventional MPPI premiums, with the cost of 8% of monthly ...
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