Q: It has just become apparent that I do not have mortgage payment insurance for a mortgage I have had for 14 months. I have tried to read through your payment protection insurance policy to see if it suits my requirements but would just like you to clarify something for me. If I was to take a payment protection insurance policy with you how long would I have to have had the payment protection insurance policy before you would accept a claim. I.e. if I took out a payment protection insurance policy today and got made redundant in 1 week would my mortgage payments be covered? I am not fussed how much I pay for my cover as you cannot buy piece of mind. Also there are no pending redundancies or down turn in business. Please let me know asap so I can see if this payment protection insurance policy suits.
A: The policy that we provide is a payment protection insurance policy, it allows you to cover £1500 or 50% of your gross monthly income whichever is the lower amount. At the point of claim the money needs to go to you to use as you wish, mortgage, loans etc.
There is a 120 day initial exclusion period at the beginning of the payment protection insurance policy, if you were to lose your job or be made aware of losing your job within that time period then you would not be able to claim on the policy,
Once you are eligible to claim there is a 30 day waiting period and back to day one. For example if you lost your job, you would register at the job centre, you would wait 30 days, during that time you would make the underwriters aware that you may claim in the near future, on the 31st day you would then put in your claim and it would go back to the first day that you registered at the job centre.
Full policy wording and a quick quote facility are available online at www.britishinsurance.com.
If we can be of further assistance please do not hesitate to contact us again either by email or on 08450 175 178.