Income Protection Insurance

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 ... Read Full Story

Q: Unemployment cover - due to buy a new house in January and would like the payment protection insurance to cover the payments if I am made unemployed. A: The policy that we provide is an income payment protection insurance policy. It allows you to cover £1500 or 50% of your gross monthly income whichever is the lower. The minimum is £100. At the point of claim the money goes to you to use as you wish, mortgage, income, loans etc. Please note that there is a 120 day initial exclusion period at the beginning of the payment protection insurance policy, if you were ... Read Full Story

Q: If you take out a mortgage protection insurance plan and the unexpected did happen, you lost your job, than how long would your monthly payment be paid for? Would you have to pay it back? and what is the difference between me taking out the insurance and not, for the government paying my monthly payments? As I am the only person with this mortgage and have children in employment, just thinking in a worse case scenario, if I did lose my job what could happen? as I have known people to get help of the government without selling there house and being re-housed ... Read Full Story

Q: My current car is coming up to 3 years old and although I’d like to keep it my company’s policy is not to use cars that are more than 3 years old for business use where they provide a car allowance. Therefore I need to buy a new car but only if I can get payment protection insurance on the payments should for any reason I lose my job, can you help? A: The policy that we provide is a payment protection insurance, it allows you to cover £1500 or 50% of your gross monthly income whichever is the lower. The minimum is ... Read Full Story

Q: I am self employed and wanted to know if I will be covered under the payment protection insurance policy. A: If you are self-employed then you are eligible for payment protection insurance cover. However your ability to claim on the unemployment part is restricted, it would be on a cease to trade basis. The payment protection insurance policy wording states ” If You are Self-Employed and You are making an Unemployment claim, You must provide proof that: You have involuntarily ceased trading and declared this to HM Revenue & Customs. You will be required to supply a copy of this notification to Us” ... Read Full Story