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Article DetailsWhat is mortgage payment protection insurance? |
| Date Added: August 18, 2008 09:37:35 PM |
| Author: |
| Category: Mortgage payment protection insurance uk |
Mortgage payment protection insurance policies insure your debt for mortgages and other similar loans just in case you may have an accident or become sick or become unemployed.
 GET FREE QUOTES It is important to note that you do not have to take out mortgage payment protection insurance and these policies vary enormously. The Insurance Purchaser should always read the full policy terms and in particular the exclusion clauses. Check what it does cover and what it does not cover.
Check also how easy it is to make a claim. If there is anything that you are not sure of, always seek the help of an Independent Financial Advisor before you enter into any insurance related contract.
The Insurance Purchaser will need to be between 18 to 65 years of age, live and work in the United Kingdom. Some of these mortgage payment protection insurance policies have restrictions if you work part time, are on a fixed term contract or are self employed. So, ensure that you check the policy terms and any special clauses, conditions and exclusions.
Mortgage payment protection insurance policies cover your repayments for normally a period of 12 or 24 months. It is worth ensuring that you find out how many times you can claim within the insurance period and whether 100% of repayments may be paid as part of the claim. Find out if the insurance company may be making any deductions for administration fees and other charges. You do not want to be left short of cash when you have to claim. Again, it cannot be stressed that reading the policy wording is very important and make written notes in a file of all the exclusions.
Basic exclusions for a mortgage payment protection insurance policy relate to:
· Any known medical conditions when you purchased your policy.
· If you resign from your employment or take up voluntary redundancy.
· If you breach somehow your conditions of employment.
· The deferment period within which you cannot claim.
When submitting a claim, documents which should be provided are:
· Medical certificates - the cost for the provision of medical certificates may not normally be covered by your policy.
· Job seekers certificate and a declaration that you have being seeking suitable employment.
Most mortgage payment protection policies have a cooling off period of 14 days during which the policy can be cancelled. Cancellation policies vary enormously and the advice of an Independent Financial Advisor should be taken into account.
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