Mortgage Protection Overview
i:protect Mortgage Payment Protection Insurance is designed to pay your monthly mortgage repayment in the event that you are off work through accident, sickness or involuntary unemployment. Have you ever considered what would happen if you were to lose your income? How would you pay your mortgage and other bills?
i:protect Mortgage Payment Protection Insurance comes with these great features:
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You can take out additional cover to pay you up to 25% more than the amount you pay for your mortgage. This is subject to a maximum of 75% of your gross monthly income or £1,500 per month whichever is the lesser amount. Use Mortgage Protection Insurance to cover your repayments and to help contribute toward:
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- Flexible Excess Periods allowing you to choose when your benefits payments would start.
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Benefit payments can last up to 12 months.
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Jobcare Back to Work Service to help you return to work.
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Legal Health Helpline to help you with redundancy matters and tax information.
All of this from as little as *99p per £100 of benefit.
Click 'Get a quote' to obtain a quick quotation to see how little i:protect Mortgage Payment Protection Insurance could cost you. The 'from 99p' per month premium rate is based upon a 25 year old applying for an accident and sickness only policy with a 180 day excess period.
Key things you should know about buying Mortgage Payment Protection Insurance
- Consider your circumstances. Unlike many competitor policies, i:protect Payment Protection Insurance enables you to choose an excess period for accident and sickness and a different one for unemployment. Being able to tailor your policy to your individual needs will also help you to save premium.
- When husbands and wives/partners take out a joint mortgage, it is extremely rare that both individuals will have the same terms of employment. Therefore i:protect offer just individual policies so couples can choose their benefit levels to suit their requirements.
- Offering our products exclusively on-line enables i:protect to pass on the resultant savings in administration costs, keeping premiums as low as possible.
Professional and honest underwriting are one of the core benefits we offer to our customers. This means that we look at every application individually:
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Following consideration of your application, we may ask you for additional information and, possibly, even decline to offer you cover. This is because our underwriters are determined that, as far as it is humanly possible, everyone offered an i:protect policy will be able to claim on it. |
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All insurers have their own underwriting criteria and policy wording. The premiums they charge will reflect this. Therefore, should we advise that we cannot offer you cover, it does not mean that you will be unable to secure insurance elsewhere. |
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We want i:protect customers to have the comfort of knowing that we ask the relevant questions at the outset, their policy is valid and there to protect them should they need to claim. |
Who buys i:protect Mortgage Payment Protection Insurance?
- People seeking to make a substantial premium saving by not taking the first frequently expensive product offered by the consultant arranging their mortgage.
- Homeowners who realise they can easily switch from their existing provide to place identical Mortgage Payment Protection Insurance with i:protect and save £100's in premiums.
- Both employed and self-employed people who are currently not working in an industry or occupation where redundancies have been announced or almost certain to occur.
- Individuals with mortgage payments that represent a significant percentage of their income.
- UK residents who do not have sufficient savings to pay their mortgage and essential bills if they are unable to work for several months due to accident or sickness or unemployment.
Why i:protect does not offer "redundancy only" cover
- Only 28% of the claims received from our customers are the result of redundancy**. Involuntary unemployment does not always result from redundancy and such a restriction would prevent self-employed people being covered.
- Over 55% of claims** result from accident or sickness, some injuries or illnesses stop people working for months. When any sick pay provision runs out, people find state benefits woefully inadequate.
- Most people will secure another job in 6 months if they are fit, however illness, whether physical or mental, can result in re-employment taking much longer**.
Because of this i:protect will not offer cover restricted to redundancy only.
*Based on a 25 year old with Accident and Sickness benefits, 180 day excess
**iWessex Group / i:protect claims analysis 2007 to 2008
Best Mortgage Protection and Mortgage Protection Cover
These are the things people have been searching for when visiting i:protectinsurance website for a mortgage protection insurance quote. We have found when new customers have commenced their enquiry for mortgage payment insurance in fact they need income protection rather than mortgage insurance cover.
Mortgage Redundancy Protection
A quote for mortgage payment cover is available on this page by simply clicking on the Quote Now button. However i:protect will not offer cover for redundancy alone as explained above. Nevertheless a mortgage insurance protection plan or high value mortgage insurance unemployment cover can be simply defined by using the flexible excess periods afforded by this mortgage repayment insurance.
It is easy to apply the maximum excess period to your accident and sickness cover and back to day one (ie nil excess) to your unemployment cover. This will reduce your premium for the non-unemployment elements of your cover to a minimum. Though, as explained above, you should tailor excess periods for all benefits to your personal circumstances.
Mortgage Repayment Cover
If you are looking for cheap mortgage payment protection or cheap mortgage insurance you may want to compare mortgage payment protection insurance with the premiums offered by i;protect by visiting individual websites or the mortgage payment protection insurance comparison charts used on the Price Comparison web sites.
MPPI
Confused by initials? We have tried to avoid using MPPI (Mortgage Payment Protection Insurance) at least that was our plan for all of our polices. If you are looking for quotes because you are concerned about redundancy or unemployment in the UK, we hope you will find the infomation on this site, especially in our Buyers Guide or Top Ten Tips useful so you can decide what is best for you.
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