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Do you need mortgage payment protection insurance?

Date Added: August 18, 2008 10:27:53 PM
Author:
Category: Mortgage payment protection insurance uk
Mortgage payment protection insurance provides a safety net in the case that you cannot make your mortgage payments due to an accident, sickness of unemployment; all normally beyond your immediate control. The cost of premiums may vary in accordance with the excess period of 30/60/90 days, the sum insured and the duration insured (normally 12 months).
 
 
  • Covers the insured for a period of 12 months.
  • Is optional with your mortgage.
  • You must be permanently employed for 12 months to claim the unemployment benefit.
  • The self employed who cease trading will require proof of ceasing business from the Inland Revenue.
  • Contract workers need to have worked for greater than 12 months and have had their annual contract renewed.
  • There is right to cancel within 14 days.
  • Pre-existing medical conditions, stress and back ache may not be covered.
  • The policy will not apply:
  • If your under 18 or over 65 years of age.
  • You work less than 16 hours per week.
  • You are aware of redundancy or unemployment.
  • You have an existing illness which must be covered.
 
Article reference 114a.
 
Note

The opinions expressed in this article are those of the individual writers and are not representative of Insurur.co.uk.


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