The insurance provider has also migrated its current mortgage protection and income protection book to AmTrust Specialty, a subsidiary of AmTrust International, with Uris Group as claims administrator.
Amtrust International is a division of global insurer AmTrust Financial Services, which offers tailored cover solutions to the protection market and is one of the major underwriters for niche insurance.
Additionally, Paymentshield has improved its quote journey to make it easier for advisers to offer clients a price.
Paymentshield said these changes were part of the company’s commitment to making sure all homes are protected, particularly during economic uncertainty.
According to the Chartered Institute of Personnel and Development, employer redundancy intentions have risen to their highest level in a decade.
How to get your first-time buyer clients mortgage ready
Sponsored by Halifax Intermediaries
Other research from Finder suggests that a sixth of adults have no savings, while 39% have up to £1,000 saved and 23% have £200 or less.
The updated mortgage protection product enables policyholders to cover mortgage payments and associated insurance premiums for up to 24 months if they are unable to work because of accident, sickness, unemployment, or having become a carer.
Customers can also increase their monthly benefit by up to an extra 33% for other financial commitments, such as utility bills or credit card payments. The maximum benefit is £3,000 or 75% of gross monthly income.
Louise Pengelly, director of proposition at Paymentshield, said: “We recognise the uncertainty that many households are facing due to ongoing economic headwinds. Despite this, there are few providers out there actively offering these products to consumers.
“As experts with over 30 years’ experience in mortgage protection, we felt it was imperative to fill this gap, equip advisers with a greater suite of products to discuss with their clients, and deliver peace of mind to those who need it most.”
