It takes a few minutes to protect you for life
What is it?
Mortgage protection insurance is a life insurance policy that pays off your mortgage if you or your partner die during the term of the mortgage. It runs for the same length of time as your mortgage. There are three main types of mortgage insurance
Unemployment Only Cover
Unemployment only will cover you if you are made redundant (you also need to be registered with the government as unemployed and you have to be actively seeking work).
Unemployment & Sickness Cover
Accident and sickness will protect you against accidental injury that stops you working and long-term illness (this will have to be certified by a doctor to claim) while accident sickness and unemployment will protect you against both.
Accident, sickness and unemployment cover as you can gather covers your mortgage protection is a combined policy and covers you in the instance of any of the ASU occurances and is in place for the lifetime of the mortgage.
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Mortgage Protection Frequently Asked Questions
If you have any questions regarding Mortgage Protection, please read over the questions below before contacting a member of our team.
Mortgage payment protection insurance covers the cost of your mortgage payments if you become unwell or lose your job.
Generally speaking, there are three types of mortgage payment protection insurance: ‘unemployment only’, ‘accident and sickness only’, and ‘accident, sickness and unemployment’.
Mortgage insurance costs will vary based on factors such as your age and the cost of your mortgage repayments.
For obvious reasons, accident, sickness, and unemployment mortgage payment protection insurance is more expensive than unemployment-only or accident and sickness-only policies.
But for instance a 30 year old in full-time employment who pays a mortgage of £650 p/m can pay less than £9 p/m for their policy
Insurers will pay you a set amount each month, typically for a period of up to two years.
Depending on the provider, you may be able to choose how your policy will pay out.
For example, you might want the policy just to cover the cost of your mortgage payments, or you may want it to cover the cost of other bills too. If you opt for the latter, providers will typically pay out 125% of your mortgage costs.
You can also choose to base the cover on your salary. Providers will typically pay out up to 50% of your monthly salary.
Before claiming, you will need to be off work for a specified number of days. This is known as the waiting period, or excess period, and it can range from 30 to 180 days.
It’s highly unlikely that your mortgage insurance policy will cover you from the moment you take out the policy – in fact, it may be a few months before you’re able to claim.
The time between your policy beginning and you being able to claim is known as the exclusion period (or buffer period), and these can vary from 30-180 days.
Unemployment cover is likely to have a longer exclusion period than accident or sickness cover. This is to stop people who know they are going to be made redundant from taking out policies.
Despite most policies paying you from when you claim, it’s also possible to get policies that will pay out from the first day you’re off work. These are known as ‘back-to-day-one’ policies. They will typically be more expensive than policies with a waiting period.
All policies will pay you in arrears, though – so whether or not there is a waiting period, you will receive your first payment one month after your claim is accepted.
If you’ve experienced health problems in the past 12 months, this is likely to affect your ability to get mortgage payment protection insurance.
Some policies will provide no cover at all for pre-existing medical conditions, whereas others have strict criteria.
For example, you won’t normally be able to claim for time off due to a pre-existing condition if it recurs within 12 or 24 months (depending on the policy) of taking out the policy.
at simply cover we’ve worked hard to gain some of the best preferential rates across the mortgage protection market. with under 50’s policies starting from less than £18 pm and over 50’s from under £25 pm. start your review today!
Flexible Cover Options
at simply cover we look to provide a complete market review to ensure you receive all available mortgage protections options across standard, unemployment and asu cover.
Protecting Your Family Home
across the uk the average mortgage debt is over £120,000, at simply cover we provide cover for mortgages of all size and for the lifetime of the mortgage. start a review in seconds to highlight your available options.
Advanced Protection Products
we look to secure income protection policies with advanced payments to ease the financial burden while any claims are being process
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Why choose mortgage protection with Simply Cover?
We search the UK market to find your cheapest quote. Simply Cover is one of the UK’s fastest growing insurance brokers. We compare all the major providers as well as the smaller specialists, always ensuring you receive tailored pricing. Our services are free and without obligation and we always try and find you the cheapest price, if not we price match.
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