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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.
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.
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.
Will a claim under a Mortgage Payment Protection policy affect any State benefits to which you may be entitled?: No. Whilst you are using Mortgage Payment Protection Insurance to replace your income and meet your monthly mortgage repayments, insurance payouts do not qualify as income in the eyes of the Benefits Agency or the Inland Revenue.
How long should you insure for?: For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.

Will your mortgage lender accept a Life Insurance policy bought online?

Yes they will.

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. Your insurance company will always send the Acceptance letter to you and also hold a copy. Your policy documents will come to you either directly from your insurer or via your broker (- the despatch procedure for policy documents varies depending upon which insurance company you are with.)

Frequently Asked Questions related to the above topic.
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Hot Topics

Will your mortgage lender accept a Life Insurance policy bought online?

Yes they will.

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: -