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Will the Mortgage Payment Protection Insurance pay your interest and capital?
You decide how much you want the insurance to pay out each month if you’re off work. So make sure your cover is sufficient to meet your full monthly repayment to your mortgage provider.
Will Mortgage Payment Protection Insurance pay out immediately you make a claim?
As long as you are off work for 30 days - you can then make your claim.
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.
Do you have to buy your Mortgage Payment Protection Insurance through your mortgage lender or mortgage broker?
No, you don’t have to buy through your mortgage lender or mortgage broker and it will almost certainly be cheaper here online.
You have a Repayment Mortgage. What sort of Life Insurance do you need?
You need Mortgage Life Insurance. Mortgage Life Insurance makes sure that the capital outstanding on your repayment mortgage would be repaid if you died.

Is there any investment value in your policy?

No. Once the policy has come to the end of its term the policy simply ends. It’s a bit like house insurance!

It is important to realise that Life Insurance policies never have an investment value. If you survive to the end of the policy’s term, the policy is expired and there is no payout and no value left in the policy. A Life Insurance policy only has a value if there is a claim.

If you want your policy to have an end value, you need a Life Assurance policy. Life assurance is different to Life Insurance. A Life Assurance policy combines a guaranteed sum insured with a form of investment. The longer you pay the premiums the more, all being well, your policy will be worth. However, the monthly premiums may be quite steep.

 

A Frequently Asked Question related to the above topic.
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