Providers supplying mortgage protection solutions alongside State benefits should 'keep it simple'
The Department for Work & Pensions (DWP) has confirmed that income from mortgage protection pay-outs would be excluded from means-testing for State benefits, following a request for clarification by the Building Resilient Households Group. This means that holders of a Support for Mortgage Interest Loan (SMIL) will not have their income from insurance policies assessed against their State benefits. The news was warmly welcomed across the industry, with Tom Baigrie, CEO of Lifesearch, calling on providers for "a competitive race to launch the best and simplest to buy mortgage protection...
To continue reading this article...
Join COVER for free
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.