MetLife has launched a “straightforward” income protection policy that covers mortgage repayments if the policyholder is unable to work due to accident or illness in the face of ongoing pandemic disruption.

The US insurer says its MortgageSafe product covers some or all of the monthly mortgage repayments – up to a maximum of £1,500 per month – for up to 12 or 24 months.

It adds, there is no medical underwriting for policyholders looking for accident-only cover. For those who want to protect against both accident and illness, the policy uses an underwriting process based on five health questions.

Applications do not require doctor’s reports, income or financial underwriting or family history.

MetLife says: “Claims are also straightforward. If the individual is unable to work for at least four weeks they can claim benefit paid back to day one.”

Policyholders can choose from the three levels of cover best suited to their lifestyle, health and the cost of the mortgage repayment. The product is available through a select panel of intermediaries.

MetLife head of individual protection Rich Horner says: “We believe MortgageSafe fits a great customer need and slots in alongside other protection policies to piece together the ‘protection puzzle’.”

Horner adds: “Despite a challenging year for most, 2020 saw many people finally climbing a rung on the housing ladder. The stamp duty holiday announced by the chancellor allowed many to accelerate their dream of buying their first home or moving into a new one. And in the middle of a third national lockdown, it’s unclear whether or not the payment holidays will be extended beyond 31 March 2021.”