mortgageprotect FAQs

What level of monthly benefit should I select?

Mortgage payment protection insurance is designed to help you meet your monthly mortgage commitment, so you should choose a monthly benefit equivalent to whatever you pay your mortgage lender each month.

In addition though, you can add up to 25% on top of this amount to your monthly benefit, to help you with the cost of insurance premiums that are related to your home, such as buildings and contents premiums, life policy premiums and this one.

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Can anyone apply for mortgageprotect insurance?

Yes, most people are eligible for the cover, but you must meet these basic, minimum criteria:

• You must be over 18 and under 60 years of age
• You must be applying for or already have a residential mortgage - and it must not be in arrears
• You must be working and living in, and for a company that is based in, the United Kingdom, the Channel Islands or the Isle of Man, and paying UK income tax and National Insurance contributions
• You must be in full-time employment or be self-employed and have been in continuous employment with your current employer or self-employed for the last six months

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Am I guaranteed to be covered?

Although the underwriters will try and accept your application on as many occasions as possible, unless you are taking out a new mortgage at the same time as applying for mortgageprotect, your application will be subject to review by the underwriters. The vast majority of applications though are successful, and you will hear from the underwriters within a few days to let you know their decision.

If you are applying for a mortgageprotect policy with a new mortgage, and it is with a recognised lender, your application is guaranteed to be accepted.

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Can I start my cover from a date in the future?

If you choose a future start date for your protection:

• Your cover will not commence until the start date you choose and your policy documents may not be posted to you until after that date.
• If this protection is to replace an existing policy with another provider, please ensure that your planned start date with us takes into account the cancellation date of your existing cover, to ensure you are not left unprotected during this transition.
• Please note that the eligibility conditions have to apply on the start date or cover will not apply even if your policy is issued.
• Should your circumstances change prior to the start date of this policy you must tell us, failure to do so could mean that your policy is issued and premiums are collected although no cover applies and any claim would be invalid.

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Is there a limit on the monthly benefit I can choose?

Yes. You can cover up to 60% of your gross monthly salary (the amount you are paid before tax NOT your taken-home pay), or 125% of your monthly mortgage payment or £1,500 whichever is the lesser. If you have any other mortgage or payment protection insurance, otherwise known as PPI, all of your PPI together must not exceed 60% of your gross monthly income.

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Is there an 'excess' period before I can claim?

Yes there is. The excess period is the period of time during which you will not be able to make a claim. This period is 30 days less than the waiting period. You will be eligible for benefits from the end of the excess period if you are still unable to return to work. Your first benefit will be paid 30 days after the end of the excess period, for example, if you choose a 30 day excess period, if you are still unable to return to work at the end of the excess period, you will become eligible for benefit starting from 31 days after you were first unable to work (the first day your excess ends), and you would receive your first benefit payment 30 days after that.

The longer the excess period, the lower your monthly premiums will be. mortgageprotect offers a range of excess periods for you to choose:

• 30 day excess period
• 60 day excess period
• 90 day excess period

For an unemployment claim, you would have to wait 60 days if you are taking out a mortgageprotect policy with a new mortgage, or 90 days if you are taking out a mortgageprotect policy with an existing mortgage (this is called the Exclusion Period), but after that period you can also claim after the wait period you have selected has expired. The exception to this is if you already have an equivalent insurance policy in place and you are switching to mortgageprotect. In this instance we will waive the Exclusion Period provided that a) your previous insurance has been in force for at least 90 days; b) you continue under the same policy terms as under your previous insurance; and c) you have never made a claim on your previous insurance (you will need to provide evidence of this in the event of a claim)

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How is my claim paid?

Depending on the excess period you have chosen, (which will either be 30, 60 or 90 days) you will be entitled to 1/30th of the monthly benefit you have selected, for each continuous day you are unable to work following the excess period. Payments are made monthly in arrears, so you would receive your first payment thirty days after becoming entitled to receiving the benefit.

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How long can I claim for?

Providing you are unable to work continuously, mortgageprotect pays your monthly benefit for up to 12 months.

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Is there anything I won’t be covered for?

Like all insurance policies, payprotect contains some exclusions to cover, and the main ones are:

• a medical condition which you knew about at the time you first bought your payprotect policy from us
• any medical condition for which you sought or received advice, treatment or counselling from any doctor during the 2 years immediately before the start date of your payprotect policy
• backache or related conditions unless you have supporting medical evidence, which would be in the form of an MRI or CT scan or equivalent
• mental or nervous conditions including stress, anxiety or depression (unless the condition is certified by and under the continuing care of a consultant psychiatrist)
• normal pregnancy
• any self-inflicted injury

If you also chose the optional unemployment section of cover you will not be covered if:

• your work is seasonal, casual or temporary or unemployment is a regular feature of your work
• you knew you would become unemployed or you had reason to believe that you might become unemployed at the time you first purchased your payprotect policy from us
• you are made unemployed or are told that you will be made unemployed within 60 days of the start date if you bought your mortgageprotect policy with a new mortgage, or 90 days if with an existing mortgage.
• you resign or you accept voluntary unemployment
• you lose your job because of your own misconduct, fraud, dishonesty or any act you carried out.

You should always make sure that you have read all the exclusions that apply to the cover, which can be found in the policy wording.

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Who underwrites this insurance?

mortgageprotect is administered by MMS and is underwritten by Lloyds of London, one of the most financially stable and established insurance markets in the world-giving you complete peace of mind.

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Can I cancel the policy at any time?

Yes, but of course your mortgage payment protection insurance cover will then stop also.

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How do I pay my policy premiums?

Payments are made monthly by Direct Debit on the 15th of each month.

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Will the amount I pay for my policy change?

Potentially. The premiums charged for the policy are periodically reviewed by the underwriter. These reviews could result in changes to your premium.

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How can I contact you about my policy?

If you need any help or want to contact us, you can call us on 0845 371 0083.

Lines are open Monday to Friday 9am to 7pm.

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How do I make a complaint?

If you have a complaint, we really want to hear from you. We welcome your comments, as they give us the opportunity to put things right and improve our service. Please call us on 0845 371 0083 or send us a message.

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