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12 Feb, 2008

Leah Milner
Date: 11-Feb-2008

Shepherds Friendly has launched a five-year mortgage payment protection insurance product.
The policy is underwritten over the phone by a qualified nurse at the time of sale to ensure all the necessary information is collected.

This also means that IFAs do not need to have detailed medical discussions with their clients.

The policy allows customers to opt for either 100% or 130% of the monthly mortgage payment, with the maximum monthly benefit set at £2,000.

Shepherds Friendly says it wants to overcome the much publicised failings of PPI and restore consumers trust in these products.

Over the last 18 months, the Financial Services Authority has issued over £1.8m in fines to companies that have been found to mislead customers with PPI products.

Geoffrey Spencer, chief executive officer of Shepherds Friendly, says: "Following the consumer backlash and regulatory clampdown against PPI providers that have been misleading consumers, we wanted to offer a product that brokers can be confident about selling.

"Our product has been genuinely developed to protect the consumer, which is why it provides cover for the full term of the mortgage, up to five years, ensuring the customer feels confident that they are properly covered."

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