MGM has launched a new mortgage payment protection plan (MPPP) which will pay out for up to 25 years in the event of an accident or sickness claim.
MPPP also offers unemployment cover for up to 12 months. The premium for a 30 year old non-smoking male in the highest occupational class for £500 monthly benefit with a 13 week deferred period and a 25 year term is £25 a month.
A typical premium for the same criteria under a standard Accident Sickness Unemployment policy is £28.70.
The maximum age at entry is 55 and the minimum term is 10 years. The maximum benefit is the lesser of 50 per cent of the earnings or £1,500 a month.