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How Much Will It Cost?
You can have Mortgage Payment Protection Insurance for either unemployment alone, sickness and accident, or all three. The costs of the policies we sell are as follows: -
- Cover for disability (that’s sickness or accident) £2.45 per £100 of monthly mortgage payment
- Cover for just unemployment £2.45 per £100 of monthly mortgage payment
- Cover for disability and unemployment (both) £3.95 per £100 of monthly mortgage payment
- AND the first three months cover for your new policy is totally FREE OF CHARGE
- Over the last five years 28 % of people have been off work for more than a month due to illness or accident.
Hot Topics
- For how long will the policy continue to pay your mortgage?
- The Mortgage Payment Protection Insurance will pay your mortgage for up to 12 months or up to when you return to work, whichever is the sooner.
- Are There Any Situations That Would Result In My Claim Being Refused?
- Yes there are the usual exclusions. These are summarised below but you should carefully read the paperwork that comes with your insurance documents.
- Is there any investment value in your policy?
- No. Once the policy has come to the end of its term the policy simply ends. It’s a bit like house insurance!
- Can you keep your Life policy on if you pay your mortgage off early?
- As far as the insurance company is concerned, until your policy reaches the end of its term and you continue to pay the premiums, you remain insured.
- How long should you insure for?
- For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.
Under this policy the insurance company will continue to pay your mortgage for up to 12 months under any single claim. You have to be off work for 30 days before you can make a claim but the claim is then backdated to the first day you were off.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- What is mortgage life insurance ?
- What happens if you need mortgage cover quickly for a house purchase ?
- What is Mortgage Payment Protection Insurance?
- Do I Need Mortgage Payment Protection Insurance?
- Is there any investment value ?
- Is Mortgage Payment Protection Insurance the same as a Mortgage Insurance Guarantee?
- Will Mortgage Payment Protection Insurance pay out immediately you make a claim?
- Will the Mortgage Payment Protection Insurance pay your interest and capital?
- Are there any situations that would result in your claim being refused?
- You want a lump sum if you were to die or become very seriously ill and could not work again. What sort of insurance do you need?
- How much should you insure for?
- How long should you insure for?
- Do you have to buy your Mortgage Payment Protection Insurance through your mortgage lender or mortgage broker?
- When would normal life insurance be used in connection with a mortgage ?
- Can you keep on your life policy after you pay your mortgage ?
- Go to menu of Frequently asked Questions about Mortgage Payment Protection Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance
- Go to menu of Frequently asked Questions about Life Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance