.jpg)
Asteron Life has announced the launch of its “flexible” new insurance option for customers who want to protect their homes and lifestyles.
Mortgage and Living Cover offers to cover rent, mortgage repayments and living costs if a customer suffers an illness or injury that affects their ability to work.
According to David Drillien, Asteron Life executive manager for life, the new scheme is a “uniquely flexible product that can adapt to the financial journeys” of the customer. It gives customers the ability to dial cover up and down in response to changing financial circumstances, without the need to be medically underwritten again, he said.
“First-home buyers might be really struggling with mortgage repayments, and they want a way to protect their ability to make those payments that will work within their budget,” Drillien said. “But over time, the pressure may ease and they may want to ensure they have enough cover to protect their lifestyle. They may upgrade their home or have a baby and need additional cover, or they might want to dial it back as they pay down their debt.”
Moreover, Mortgage and Living Cover can be matched to mortgage repayments like a traditional mortgage protection cover, or to income, like a traditional income protection cover, or a combination of both.
“Topping up with additional products can bring added complexity, but Asteron Life’s new product enables customers to build in the cover they want in one product,” Drillien said.
The cover includes Dependent Relative and Family Assist benefits – a fixed amount of cover if the insured person needs to take time off work to look after a dependent, or if they need to take time off themselves and need a family member to look after them.
The new Mortgage and Living Cover is available for purchase through financial and insurance advisers, the insurer said.
