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 SicknessInvoluntary UnemploymentRedundancyExpiry
of 'normally renewable' employment contractCessation of trading
due to insolvencyBankruptcy/liquidationHere 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
repaymentsThe Maximum Monthly Benefits ?1500 per monthThe
Maximum Benefit period for any one claim is
Accident & Sickness 24 monthsUnemployment 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 effect rights to benefit which
you may already have under the policy before the date of termination.
Eligibility
criteria
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.
Claims
payments
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.
|
