Can I claim on my mortgage payment protection insurance policy immediately?
You won’t always be able to claim immediately upon taking out mortgage payment protection insurance – most have a waiting period of one or two months. When you compare with MoneySuperMarket and ActiveQuote you’ll be able find wait times from:
- Zero days – meaning you can claim immediately
- One week
- Two weeks
- One month
- Two months
- Three months
- Six months
- A year
The shorter the wait time, the more expensive your premiums will be.
Will my job affect my mortgage payment protection insurance?
Your job may affect your policy as some occupations carry higher risks than others, meaning you’ll be more likely to get ill or injured – for example if you work at a construction site you might face higher premiums than a computer programmer or secretary.
Do I get mortgage payment protection insurance if I’m self-employed?
If you’re self-employed you might also have to pay more for protection – and if you’re a contractor you should double check you aren’t excluded from cover.
Can I take out mortgage payment protection insurance if I have a pre-existing condition?
Some insurers don’t offer cover for people with pre-existing conditions, and the ones that do generally have certain criteria in place. For example, you might not be able to claim for mortgage repayments if your condition flares up within a certain period after taking your policy out.
You may also need to provide evidence such as a doctor’s note if you take time off for certain conditions – you should check carefully for any exclusions before taking a policy out.
Can I claim for time taken off for mental health reasons?
While needing time off work to take care of your mental health is common and recommended, you may find it more difficult to make a claim on your policy. You may have to show evidence that your mental health is making you unable to work.
What if I’m made redundant?
Check how much your employer is likely to pay you in the event that you get made redundant. If you have worked at your company for several years, the chances are you may get a decent payout, which would mean you might be paying for the unemployment element of your mortgage protection policy unnecessarily.
What if I receive statutory sick pay?
It’s worth noting that although statutory sick pay doesn’t usually affect short term IP, anything you receive over & above statutory (from your employer for example) can affect the benefit payable under the policy. If this is the case, you may be better off going for accident and sickness MPPI cover only. State benefits don’t usually affect this unless they take you over the maximum claim limits, but this is worth checking before taking out a policy.
What’s the difference between mortgage payment protection and mortgage life insurance?
A mortgage life insurance policy pays out to cover your mortgage payments when you die, while a mortgage payment protection insurance policy will pay out if you can’t work due to illness or injury.
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