Accident Sickness Insurance - Mortgage Payment Insurance - Mortgage Payment Protection

Mortgage payment protection is a very important form of protection advisable for all home owners as one of the worse scenarios you would like to happen is the loss of your home through becoming unemployed or ill. Injuries or illness are common and can strike at any point within your life through no fault of your own, this is why it is essential that you look at methods such as mortgage payment protection to ensure that you are covered for such factors.
Mortgage payment insurance or sometimes known as ASU cover and provides you with protection for such aspects as unemployment, sickness and accidental injury. Mortgage payment protection allows you the ability to help you maintain payment on your mortgage and other related expenses for the period agreed. The last thing you would ever want to lose is your home so for a small monthly premium you can take out mortgage payment insurance that will ensure that you and your loved ones are fully covered against the unexpected. 

Mortgage payment cover has a number of different criteria that must be met in order for you to be eligible to take a mortgage payment plan. For most companies you must be up to date with your monthly repayments , you must be named on the mortgage agreement and be paying the agreement. You must also live in the UK be in paid work for at least 16 hours per week and be aged between 18 and 64. Mortgage insurance cover is a type of protection that is designed to meet mortgage payments and other household bills if you can’s work because of an accident, sickness or unemployed. Some of the mortgage payment policy plans that are available would also pay you if you were forced to leave work to become a carer.  On your mortgage insurance protection plan you can choose to take a number of different options, you can have accident sickness and unemployment. You could decide to take accident and sickness cover only or unemployment only on you mortgage insurance plan.

When looking at your mortgage protection quote the price of it will be effected by the deferment period of the mortgage insurance plan you decide to take. The mortgage insurance protection will be more expensive the shorter the deferment period is. In its most basic form the mortgage payment cover deferment period is the length of time that the policy will pay after the claim has been made. You can normally take your mortgage insurance cover on a 30 day deferment, 60 day or 180 deferment. Also when you obtain your mortgage protection quote you need to ascertain that the payment will be made on a back to day 1 basis or a back to day 30 and back to day 60. Once again the mortgage payment policy will be more expensive on a back to day 1 basis as this means the mortgage payment plan will pay from the first day you were unable to work. Mortgage insurance protection is a good idea for anyone with a mortgage. 

We are all aware that accidents happen, tragedy strikes or the economy forces employers to take drastic measures. People who have never taken a sick day in their entire working life or those who feel completely secure in their employment can put the thought of accident Sickness Insurance and mortgage protection insurance at the bottom of their priority list and then one day the inevitable happens and they find themselves sick or out of work with bills mounting up. Being poorly or unemployed is stressful enough without the added pressures of trying to find the money for mortgage repayments. 

Accident sickness insurance and mortgage protection insurance will provide you with an income to meet your outgoings if you have an accident, are off work sick or are made redundant. It will pay you a monthly amount to cover your mortgage and other associated costs.

Some policies allow you to opt whether you want to receive payments for accident and sickness only, unemployment only or all three.  Accident Sickness insurance or Mortgage Protection Insurance are policies that provides you with a monthly income if you're unable to work as a result of an accident, sickness or redundancy. By paying a small amount each month you get peace of mind that should anything happen you will still be able to meet your financial obligations and can concentrate on more important matters such as finding new employment or getting back to good health.

Accident sickness insurance and mortgage protection insurance is a necessity in today’s economic climate and although we may be content with our present situation things occur that remove us from our comfort zone and place us in the harsh reality that we are not invincible. Common sense tells us to get house and contents insurance but if we are unable to pay the mortgage this seems almost trivial compared to Accident sickness insurance and mortgage protection insurance.

At Unbeatable Quote UK we are a specialist independent authorised insurance brokerage. Our aim is to find you the most suitable policy at the cheapest possible price. Because we have the authority to give advice we will discuss your needs and questions prior to making a recommendation. Sleep soundly with the knowledge that should an unfortunate event occur you are fully protected by Unbeatable Quote UK.

Process for applying for a Mortgage Payment Policy

A Mortgage Payment Plan can also be known as a Mortgage Protection Plan, along with other variations.  The process for applying for your Mortgage Insurance plan will always start off with a Mortgage Insurance quote.  There are various options for finding out the cost of a mortgage protection policy some people may read material on the internet or even in financial magazines.  However, as it is a complex area at Unbeatable Quote UK we strongly recommend that you have a conversation to identify your exact needs and specific requirements.  In order to provide a mortgage protection quote some basic details will required such as;

• Your date of birth
• Amount of monthly benefit required, this will normally be based on your monthly mortgage payments and associated costs for example, buildings & contents insurance, critical illness and/or life insurance etc.  Some companies will also allow you to cover yourself for a small additional benefit.  However, the overall amount of monthly benefit that you can have must not exceed 75% of your gross income.
• The term required, this is typically to the end of your mortgage.  It must be noted that a mortgage protection plan can only continue to your 65th birthday.
• Deferred period.  This is the length of time you are required to be off work, due to illness, injury or redundancy, before your benefit will be payable.  In most cases this will be 30 days back to day 1.  For example, you will need to be absent from work for 30 days, or unemployed for 30 days, then your benefit is payable from day 31 back dated to the first day.  There are other longer deferred periods such as 60 days back to day 30 and 90 days back to day 60; these will make the monthly mortgage protection premiums cheaper.  However, the price difference is minimal which may not make it beneficial in that you will be required to be off longer with possibly no financial assistance and these options are also not payable back to day 1.
• Name and Address – these are required by some of the mortgage protection providers in order to generate the mortgage insurance quote.  However, this information does not affect the monthly cost of the mortgage protection plan.

Should you be satisfied with the mortgage protection quote and the provider recommended by your advisor the next stage is to complete the application.  This is normally quite straight forward; the majority are now done online and so can be completed over the phone with your advisor.  Further information, in addition to that provided for the quote, is required such as;

• Eligibility criteria – UK resident, any pre-existing conditions, recent (in last 3 months) or planned redundancies etc.
• Bank details – for the monthly direct debit.

If you require any further information please do not hesitate to contact a member of our friendly and helpful team who will be more than happy to assist you.