Many homeowners’ worst fear is missed payments and potentially repossession, which is why this product, is so popular.
Example of how to calculate the maximum benefit you can cover:
Monthly Mortgage Repayment - £500 + 50% = £750
Gross monthly salary - £2000 50% of = £1000
Maximum monthly benefit - £2000
Therefore based on the above information the maximum monthly benefit is £750 being the lesser of the 3 amounts
Designed to cover your monthly mortgage repayments, mortgage payment protection insurance covers against (your choice of) accident, sickness or unemployment (ASU), giving you financial peace of mind against the unexpected. How would you cope if you were unable to pay your mortgage at the end of the month because of accident sickness or involuntary unemployment? You may have been offered mortgage protection from your lender / bank / building society, but you may find their prices are higher for a number of reasons as they are not specialist insurance providers. At First Call Payment Protection Ltd we offer payment protection policies online so we can keep administration costs lower and offer you value for money protection.
So, if you would like to protect your mortgage payments, get a COMPLETELY FREE QUOTE here. Please note, you will be transferred to our secure site.
The date when payment protection benefits begin will depend on the waiting period you have selected.
The Payment Protection waiting period is the length of time you have to wait before you can make a Payment Protection claim and determines when the monthly benefit can be paid/received under the terms of the policy.
In all instances you can not make a claim until you have been unable to work for 30 consecutive days.
Waiting Period - Days
Eligible to claim from:
1st Monthly benefit paid on;
0 Days - You'll wait
30 Days - You'll wait
60 Days - You'll wait
90 Days - You'll wait
Please note ‘0 Days’ waiting period is sometimes referred to as ‘Back to Day 1’ cover