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ScotAm offers range of benefits

  • 01/09/2000
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Scottish Amicable is the latest life office to enhance its range of home loan protection products, ...

Scottish Amicable is the latest life office to enhance its range of home loan protection products, with the launch of MORTGAGE PROTECTION.

The new mix and match range comprises level and decreasing life cover, level and decreasing critical illness as a rider to life cover, or as a standalone contract, and waiver of premium benefit. It is also one of only a handful of ranges to include Mortgage Payment Benefit – a long-term alternative to mortgage payment protection insurance (MPPI) – and unemployment benefit.

The critical illness element pays out in the event of the borrower suffering one of 25 specified serious conditions. It has an own occupation definition of disability for permanent total disability for occupational classes one an two and ‘activities of daily living’ criteria for classes three and four. It also automatically includes childrens’ cover, which is 50% of the adult sum assured subject to a maximum of £20,000.

Mortgage Payment Benefit will provide a fixed monthly sum up to 1% of the mortgage loan in the event of the borrower being unable to perform their own, or in some cases, any occupation as a result of illness or injury. Unlike MPPI, which only pays out for a maximum of 12 or 24 months, MPB will continue to be paid until the end of the mortgage term or until age 60.

Unemployment cover is available up to 1% of the mortgage loan or £3,000 per month, whichever is lower, and will be paid out in the event of involuntary redundancy for a maximum of 52 weeks. A choice of four or 13 weeks deferred period is available.

The range is being supported by online technology, whereby intermediaries can obtain instant illustrations, submit and track new business and access product literature online via Scottish Amicable’s dedicated website, located at

The range will also be promoted through the life office’s mortgage network, Premier Mortgage Service.

Hugh McKee, head of life development at the life office, said: “MORTGAGE PROTECTION will impose itself on the market, stacking up not only in terms of the benefits, rider options offered and competitive price, but excelling in the e-business domain. The complete business transaction process is accelerated to the benefit of adviser and homeowner alike.”

The range offers guaranteed premiums, simplified acceptance terms and free cover during underwriting.

For further information on MPPI and mortgage income protection see survey, pgs. 39-46


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