Asteron Life launches flexible mortgage insurance
Asteron has launched a “one stop shop” Mortgage and Living insurance product that allows customers to tailor their coverage mid-contract.
Monday, April 30th 2018, 12:01AM
by Dan Dunkley
The product covers rent or mortgage repayments and general living costs if a customer is hit by an illness or injury that impacts their ability to work.
Mortgage and Living Cover can be matched to mortgage repayments, or to income, like income protection cover. Customers can also choose a combination of the two products, and modify their coverage as their financial circumstances change.
Customers will be able to tweak their cover during the term of their contract without the need for another medical. Customers will be able to “dial down” coverage if their financial situation improves. They will also be able to enhance cover if their circumstances change.
The new product replaces Asteron’s old Mortgage and Rent cover. David Drillen, executive manager at Asteron Life, told Good Returns it was a “one stop shop” that “moved this type of product to the next level”: “Traditionally you’ve had to combine two products together which hasn’t been easy, and cause issues at claims time. This product combines those two benefits together.”
Mortgage and Living cover also includes dependent relative and family assist coverage. Asteron began selling the new product through financial advisers last weekend. It will be available on the Life Direct platform shortly, Drillen told Good Returns.
Drillen added: “These mortgage products are traditionally stripped down and don’t have too many features and benefits. All of the features from our flagship products are options for this product. We’ve put them on our mortgage product, and it is a fully-fledged income protection.”
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