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Peace of Mind !
You will be issued with a Policy Certificate which will detail the full cover provided but here is a summary of its key features. You should check the Policy Certificate on receipt and return it should you find any inaccuracies. If after reading your Policy Certificate the cover is not exactly what you require, you may cancel the Policy within 30 days of the start date of the policy without charge.
The need for mortgage protection cover
If you become unemployed or you were disabled due to an accident or sickness you may not be able to meet your financial commitments. Over 70% of people will not qualify for Income Support and those who do will receive a small percentage of their normal income.
The insurance provides protection in the event of:
Accident and Sickness Involuntary Unemployment Redundancy Expiry of 'normally renewable' employment contract Cessation of trading due to insolvency Bankruptcy/liquidation Here are some facts about the cover It is available to all eligible mortgage customers at outset of agreement. It has a monthly benefit related to your monthly repayments The Maximum Monthly Benefits ?1500 per month The Maximum Benefit period for any one claim is Accident & Sickness 24 months Unemployment 12 months. The Policy has a 6 month re-qualification period after your claim. The cover will cease when you reach the age of 65 or your normal retirement age whichever is the sooner. When you die or when you cease to be a resident of the U.K. When your mortgage is repaid in full or you are six months in arrears with your mortgage payments. When you cease to pay your premiums. Either you or your insurer may terminate the cover at any time by giving 30 days written notice to each other. This will affect rights to benefit which you may already have under the policy before the date of termination.
The cover is available to UK residents under 60 years of age, in good health and actively at work in a minimum of 16 hours per week employment.In continuous employment for at least 6 months
The cover excludes
Impending or voluntary unemployment, Seasonal/normal unemployment, Unemployment / disability if outside EC for more than 90 days, Expiry of non-renewable fixed term or fixed task contracts, Unemployment occurring/ notified in the first 60 days of cover, Pre-existing medical conditions, Suicide, AIDS, Drugs/Alcohol abuse, Self inflicted injuries, Misconduct, War / radiation risks.
30 days waiting period,one month's benefit becoming payable on day 31 and thereafter for each day of continuous disability.No claims are available for unemployment which occurs within 60 days from the start date of the policy. You can claim for disability if you are under the regular care and attendance of a doctor or consultant and you are unable to carry out your normal occupation or profession.