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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.
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.
When would normal Life Insurance be used in connection with a mortgage?
Term Insurance is another name for Life Insurance. Normal Life Insurance is used if you have an interest only mortgage.
How Much Should You Insure For?
For mortgage protection purposes the initial sum insured must always equal the capital sum outstanding on your mortgage. You should also insure yourself for the same number of years that are remaining on your mortgage.
Will you have to pay a fee to your mortgage lender if you don’t buy your Life Insurance through them?
No! By law mortgage lenders are not allowed to charge a fee if you choose to shop elsewhere.

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.

You will then receive an immediate payout, backdated to the first day you were off.

 

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