1 November 2009
Saffron Building Society launches mortgage payment protection insurance
- Protect up to 150% of your mortgage repayment
- Cover from as little as £1.82 per month
- Flexible options available
Saffron Building Society, the regional building society serving East Anglia, today announces the launch of its new, low cost, flexible mortgage payment protection insurance, offering cover from as little as £1.82 per month.
Despite a previous government call for 55% of homeowners to have an MPPI policy* Saffron Building Society realises this target is not being met. Combined with rising unemployment this could mean many consumers are missing out on this valuable cover during a period when it could prove most beneficial.
To address these issues Saffron has worked with partner, CUNA Mutual Group to offer an MPPI product with a range of flexible features including:
- Cover from as little as £1.82 per month
- Choice to protect against accident and sickness, involuntary unemployment or both
- Ability to protect up to 150% of your monthly mortgage payment or 50% of your gross monthly earnings provided it is between £100 and £2500
- 30, 60 or 90 day payment option in the event an insured event occurs
- Cover for back problems and psychological illnesses
Andy Golding, Chief Executive, Saffron Building Society said: "We know that consumers are seeing considerable demands on their finances and these don't look to be lessening in the immediate future. Insuring against your inability to meet your monthly mortgage payments in the event of sickness or unemployment is one way of providing peace of mind against the worst - especially if it comes at a competitive price and can be tailored to fit your needs."
Paul Walsh, Chief Executive at CUNA Mutual added: "It is in times of financial uncertainty that the strength of the Building Society can be truly felt. Saffron Building Society has a long tradition of caring for its members. We are pleased to have this opportunity to assist the Society and its members by supporting its mortgage protection program and being there when they need us".
Find out more about Saffron MPPI on our website.
* Reply by the Government to the Select Committee Sixth Report on Housing Benefit
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