accident sickness unemployment

Mortgage payment protection insurance

Protect your payments against accident, sickness and unemployment

Mortgage payment protection insurance, policies have had bad press recently with allegations of mis-selling overpriced plans to people who cannot take advantage of the cover on redundancy or unemployment. As a UK insurance Broker, B. Portwood & Company Ltd can cover your repayment with a range of cheap protection insurance plans against redundancy, accident and sickness that provide some of the best cover available and, furthermore, if you contact us to discuss your needs we promise only to recommend those insurance policies that are suitable for your requirements. A redundancy insurance quote from another website is also available here.

	Mortgage Payment Protection Insurance cover only (up to £1500 per month) - cheapest rates for under 35's
	Combined mortgage protection and income protection cover. Can be mortgage payment protection insurance only. Better rates for over 35's.
	Scheme to protect your monthly commitments e.g. mortgage/ loans up to £3,000 per month or 90% of take home pay. 12 or 18 months benefits. Rate varies depending on commitments to be covered but unemployment rate is about 3% and combined cover 5% on a standard basis -

Cover.

Our mortgage protection insurance policies provide cover against accident, sickness and unemployment or redundancy. (best cover) For cheap mortgage protection cover, you can also, if you wish, restrict your repayment cover under these policies to redundancy / unemployment income protection only or accident/ sickness only. Although your mortgage protection quote will be cheaper, you should bear in mind that the cover provided in that case may not protect you should you may be unable to earn an income due to the other circumstance.

Should I just protect my mortgage payments

Mortgage protection insurance against redundancy, unemployment, accident and sickness is obviously the most important option but you should consider whether you have other monthly repayment commitments to cover such as community charge, gas, water, electricity, loan etc We can offer mortgage protection policies that can be extended to afford this additional cover and, if necessary, stand alone income protection or loan protection policies as well.

Eligibility

All our mortgage protection policies have eligibility criteria but our plans provide cover for self employed - though the definition of unemployment is normally 'cessation of trade' - for which proof is required. Some mortgage policies have additional services as an extension such as 'Back to work' advice and help.

Below is information about the various types of payment protection plans and what cover you should look for in a policy so you can compare each plan. When you have read the information decide which form of cover you feel best meets your requirements. You have the option of whether to cover accident and sickness only, unemployment/ redundancy only or accident, sickness and unemployment under your insurance policy. Use the link at the top left of this page for a review of all the products we offer.

All information on payment protection insurance cover is provided 'as is' and we offer no advice online. If you want advice on which insurance policy you should take out please contact us and we will make a full assessment of your requirements before making our recommendation. Please ring us on 0844 8262616.

Links to other parts of website

Home Page - for landlords insurance on buy to let property and all other types of cover

Health and payment insurance index

Mortgage

Mortgage payment protection insurance will cover costs should you lose your income due to accident, sickness, redundancy or unemployment.
This must be your normal home: Insurance to cover other property in England, Scotland, Northern Ireland, Cumbria, London or wherever would have to be 'income protection'
Benefits paid to your mortgage lender. This provides protection against being counted as income
Policy cover usually limited to your repayment costs + a small amount to cover endowments and home policies but we now can offer policies to protect your income over and above payments to you lender.
There may be a total limit e.g. £1,500 per month or a fixed percentage of your gross income

Income income

Unlike mortgage payment protection insurance, Income protection insurance covers your income generally and is not restricted to a specific mortgage commitment
Benefits under an income protection policy are paid to you not the lender
There may be a limit e.g. £1,000 per month or a fixed percentage of your gross earnings
Also known as ASU cover. We now offer a hybrid income protection and mortgage payment protection plan.

Loan loans

Our loan protection insurance policy covers your loan payments against accident sickness and redundancy
As well as accident insurance redundancy cover is also provided (but not life/ critical illness)

Combined mortgage income insurance

Provided the total benefit comes to less than the lowest percentage allowed, you may take out more than one type of payment protection insurance policy.
We also offer two 'hybrid policies'. Please contact us for details

Is unemployment cover enough?

With mortgage protection insurance policies, the difference in price between 'unemployment only' and 'accident sickness and unemployment' insurance is narrowing. You should therefore consider the wider cover (especially if your employment is manual as these policies do not normally impose increased rates due to occupation status)
If your employer provides accident and sickness cover at work you should remember that:-
- These benefits cease should you suffer redundancy AND
- If you become ill when unemployed you will not be paid any benefit under an unemployment only policy as one of the requirements is that you must be able to claim job-seekers' allowance - for which purpose you must be fit!
- We trust that you can now see that you need accident insurance redundancy cover on its own may not be adequate
- We thus recommend that a payment protection insurance should include accident, sickness and unemployment insurance cover, not unemployment only.

Mortgage protection insurance and critical illness cover

You should consider mortgage protection insurance even if you have Critical Illness Cover: You may been sold critical illness cover when you took out your loan - if not we can arrange an IFA to provide a quote for UK critical illness insurance cover. Please note, however, that critical illness insurance pays out a fixed amount only should one of a specified illnesses occur. We therefore recommend that you consider the 'accident and sickness (disability)' cover provided under a MPPI policy even if you do have critical illness cover.

income protection insurance premiums and cover

Key Features about mortgage protection

Initial Exclusion Period

An 'Initial Exclusion Period' is the period from the commencement of the policy during which the policy will not be effective should an announcement of loss of employment is made - even if the actual date of the loss of employment is later. This is to stop people taking out policies when they know that their employment status is uncertain.

Excess or deferred period

You should avoid having an excess. The Excess or deferred period is the period from the time when a valid claim commences to the start of paying of benefit. Please note that the commencement date is NOT the date that you lose your job - it is the date on which you become eligible to receive benefits. If, for instance, you are paid 3 months 'cash in lieu' the commencement date would begin 3 months after the termination of your contract. Our policies are 'back to day one'

On most policies you must be off work for at least 30 days after the expiry of the excess period before a claim may be paid

Back to day one

Back to day one is equivalent to a 'NIL' Excess or deferred period. We recommend that any policy you take out should be on this basis as it means that, providing you have been off work for a certain length of time, your benefits will be paid commencing on the first day that you were eligible to claim.

Benefit Period

The length of time for which the benefit is paid under the policy. All our policies quoted for on-line have a 12 month benefit period.

Finally. Our aim is always to provide our customers with the best advice possible. We can only give general advice on a website but if you contact us we will be able to help you choose the best mortgage protection insurance policy for you.

Income protection insurance | Accident sickness unemployment insurance

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