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Are There Any Situations That Would Result In My Claim Being Refused?: Yes there are the usual exclusions. These are summarised below but you should carefully read the paperwork that comes with your insurance documents.
Should you insure for accident and sickness or accident, sickness and unemployment?: The Mortgage Payment Protection policies we offer gives you the option of insuring yourself for:
You want to ensure that your mortgage is paid off if you were to die or become seriously ill and could not work again. What sort of life insurance do you need?: You need either Life Insurance if you have an interest only mortgage, or Mortgage Life Insurance if you have a repayment mortgage. Then you need to add Critical Illness Insurance. You can do this all in one policy.
Should I include Terminal Illness Insurance?: Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.
Will your mortgage lender accept a Life Insurance policy bought online?: All your mortgage lender will want is evidence that your life is insured for the correct sum and term. A copy of your Acceptance letter will normally suffice but some lenders may want to see a copy of your policy.

Is Mortgage Payment Protection Insurance the same as a Mortgage Insurance Guarantee?

No. Mortgage Payment Protection Insurance is totally different to a Mortgage Insurance Guarantee.

Please do not confuse Mortgage Payment Protection Insurance and a Mortgage Insurance Guarantee because they are very different!

Mortgage Payment Protection Insurance pays your monthly mortgage repayment if you were off work due to sickness, accident, or unemployment.

Mortgage Insurance Guarantee (MIG) is an insurance you pay if you have borrowed over 90% of the value of your house. It repays the capital you borrowed directly to your mortgage lender if you were to default on your mortgage. In that context it is there to protect the lender and not you!

It is important to understand that MIG does not remove your liability to repay the money outstanding to your mortgage lender – they will still pursue you for the money outstanding whether or not they have been able to claim under a Mortgage Insurance Guarantee.

Frequently Asked Questions related to the above topic.
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Hot Topics

Is Mortgage Payment Protection Insurance the same as a Mortgage Insurance Guarantee?

No. Mortgage Payment Protection Insurance is totally different to a Mortgage Insurance Guarantee.

Frequently Asked Questions related to the above topic. Click below if you wish to read them: -

Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -