i:protect insurance

What is i:protect Mortgage Payment Protection Insurance?

i:protect Mortgage Payment Protection Insurance is designed to pay you  your monthly mortgage repayment plus up to an additional 25% for other regular monthly commitments if you are off work as a result of an Accident, Sickness or involuntary Unemployment (ASU) such as redundancy.

Your mortgage repayment and any additional costs cannot exceed £1,500 or 75% of your gross monthly income (whichever is the lesser amount).  You can select full Accident, Sickness and Unemployment (ASU) cover, or Accident and Sickness only (AS only) cover.

i:protect Mortgage can be tailored exactly to your needs, providing you with choice, to ensure that your benefit kicks in when it is really needed. Flexible Excess Periods for the Accident/Sickness and Unemployment portions of your cover means you can separate these elements of the insurance and have the benefit start to be paid when you need it.

i:protect Mortgage Payment Protection Insurance is designed to kick in when your sick pay or redundancy pay in lieu of notice comes to an end.

If you have selected Unemployment cover then you will be able to claim if you are unable to work due to becoming  a carer for an immediate member of your family.  Please refer to the Policy Document for full details of our Carer Cover.

What if I already have an existing payment protection policy?

If you have an existing policy such as short term income, mortgage or loan protection, you can easily transfer to i:protect.  If you choose i:protect, we can waive the initial exclusion period providing you meet the following conditions and are able to provide a copy of your existing insurance schedule if requested:

  • You are able to provide the name of your existing insurer
  • You can confirm that you have had the existing policy for more than 6 months
  • You are applying for the same benefit amount (or up to £200 more) as on your existing policy
  • You can confirm that your existing policy is still active and that it has not been cancelled
  • You can confirm that you have not made a claim against your existing policy in the last 2 years.

The definition of the initial exclusion period is 60 days for a New Mortgage and 120 days for an Existing Mortgage commencing from your start date during which you cannot make an unemployment claim.

A new mortgage is defined as having been completed within the last 30 days.  An existing mortgage is defined as having a completion date outside the last 30 days.

How do the Flexible Excess Periods work?

i:protect Mortgage Payment Protection Insurance allows you to tailor your cover to fit your exact requirements. For example if you get two months of sick pay and one month payment in lieu in case of redundancy then have the Accident/Sickness part of your policy start paying benefit after 60 days and have the Unemployment part of your policy start paying benefit after 30 days.

For example:
A 0 Day Excess means you have to be off work for 30 days before you can register your claim but all payments will be backdated to day 1.

A 30 Day Excess means you have to be off work for 60 days before you can register your claim but all payments will be backdated to day 30.

A 60 Day Excess means you have to be off work for 90 days before you can register your claim but all payments will be backdated to day 60.

A 90 Day Excess means that you have to be off work for 120 days before you can register a claim but all payments will be backdated to day 90.

A 180 Day Excess means that you have to be off work for 210 days before you can register a claim but all payments will be backdated to day 180.

What additional costs can i:protect Mortgage Payment Protection Insurance cover?

i:protect Mortgage Payment Protection Insurance can be used to cover either 5, 10 or 25% additional costs such as your utility bills, council tax, car loans, credit cards, life insurance and home insurance premiums and general living expenses. If you are looking for more extensive cover then you may find i:protect Short Term Income Protection Insurance more suitable for your needs.

If you need to cover more than your mortgage repayment plus 25% for additional costs, then i:protect Short Term Income Protection Insurance can be used to cover all of the insurable portion of your income or a combination of monthly outgoings.  

How long will i:protect Mortgage Payment Protection Insurance pay out for in the event of a claim?

We offer a choice of either 6 or 12 months maximum benefit payments for any one claim – you choose the option best suited to your needs when you apply.

How do I qualify for i:protect Mortgage Payment Protection Insurance?

To qualify for i:protect Mortgage Payment Protection Insurance you need to be aged between 18 and 51 years of age, a UK resident legally entitled to work in the UK, a named party to a mortgage agreement on your main residence, in full-time continuous permanent employment (16 hours or more per week) for the previous 6 months and unaware of any impending Unemployment or medical condition that may prevent you from working in the future.

Can I purchase i:protect Mortgage Payment Protection Insurance if I am self-employed?

Accident and Sickness cover – You are eligible to take out i:protect Mortgage Payment Protection Insurance, however, please remember that you will be asked to provide medical evidence of you being unfit for work during the claim period.

Unemployment cover – You are eligible to take i:protect Mortgage Payment Protection Insurance but please note that in order to claim you will need to prove that your business has completely ceased to trade as a direct result of your inability to pay your debts when they become due. This will need to be registered with HM Revenue and Customs. You may be asked to provide copies of your accounts and/or tax returns. More information can be found in the Policy Documentation.

Please Note: this insurance cover has not been designed to pay benefit for any period of unemployment which is due to a temporary loss of work or a temporary lack of work.

Can I purchase i:protect Mortgage Payment Protection Insurance if I am a contract worker?

You are eligible for i:protect Mortgage Payment Protection Insurance, however, there are a few restrictions for qualifying and claiming for unemployment benefits.

To be eligible your employment must be permanent and full time. You will be treated as being in permanent full-time employment if you are Employed:

  • On an annual contract which has been renewed at least once
  • On a contract with the same employer for an unbroken period of at least 2 years
  • Originally on a permanent basis but had been transferred to a fixed-term contract by the employer without a break in employment

You may still be able to claim for the period between the termination date of your contract and the natural expiry date of your contract if you are unable to meet the above conditions. You will not be able to claim for becoming unemployed at the natural expiry date of your contract. More information can be found in the Policy Documentation.

Please note that you will not be able to claim for unemployment if at the start date you were aware that your contract would not be renewed at its next renewal date.

Can I purchase i:protect Mortgage Payment Protection Insurance if I am a sub-contractor?

You must be able to fully comply with the conditions of those with a self-employed status in order to make a claim for unemployment benefit. More information can be found in the Policy Documentation.

What if I have more than one job?

If you have more than one job you will be eligible to claim unemployment benefit under your i:protect Short Term Income Protection Insurance policy should you lose at least one job and are able to register as actively seeking work. This means you can still claim where the hours worked in your second job are less than 16 hours per week.

Please note that if you are a company director, whether remunerated or not (in addition to being in full time employment) and you then lose the employed job, you will only be able to claim unemployment benefit if the business or company of which you are a company director also ceases to trade.

How do I pay for my i:protect Mortgage Payment Protection Insurance Policy?

The premiums will be collected monthly by Direct Debit. You can choose the day that we collect the premium from your account to help you manage your finances. Your policy is renewed automatically on a monthly basis. The premiums payable are reviewable – please see “Can the insurer change the premium?”

When will my Direct Debit be set up?

If your application is successful you will receive your policy documents and a letter confirming the Insurer’s acceptance. In the meantime we will submit your direct debit instruction to your bank to avoid delays should cover be accepted. No debits will be taken from your bank account until cover is confirmed. The direct debit instruction will be cancelled if cover is not confirmed by the Insurer.

When will my premiums start to be collected?

In your letter confirming the Insurer’s acceptance, you will be advised when the 1st and subsequent premiums will be collected.  Depending on your preferred collection date we may need to collect more than 1 month’s premium in the first month.

What exclusions does i:protect Mortgage Protection Insurance have?

As with all insurance policies there are certain limitations/exclusions that apply to i:protect Mortgage Protection Insurance. Significant limitations/exclusions are listed below and are outlined in the Keyfacts Document which can be found on this site.  Please read the Policy Wording for full details of all limitations and exclusions.

  • You will not be able to claim for any period of unemployment for which you were aware of at the start date of this policy or which occurs within the initial exclusion period.
  • You will not be able to claim for any period of unemployment if you received verbal or written notification of unemployment within the Initial Exclusion Period or at the start date you knew or in our reasonable opinion you had reason to believe you were to become unemployed.

The definition of the initial exclusion period is 60 days for a New Mortgage and 120 days for an Existing Mortgage commencing from the start date during which you cannot make an unemployment claim.

A new mortgage is defined as having been completed within the last 30 days. An existing mortgage is defined as having a completion date outside the last 30 days.

The rule above will apply unless you have been accepted by us on a reduced initial exclusion period or you have been notified and we have received your agreement in writing to an extended initial exclusion period.

  • You will not be able to claim for any period of unemployment if you were made aware, within the initial exclusion period,of anything that might lead to your unemployment.
  • You will not be able to claim for any condition or illness that you were aware of at the start date of the policy or have received treatment for during the 12 months immediately prior to the start date of your policy. Please note, however, that this exclusion is waived if you have been symptom free for a period of no less than 24 months before the start date of any claim. Please note that this waiver does not apply to any chronic condition – the definition of a chronic condition can be found under the Meaning of Words section of the Policy Wording.
  • If your disability is due to a back related condition, we will require radiological medical evidence (MRI, X-Ray, CT Scan) from your doctor of an abnormal finding..
  • You will not be able to claim for any mental or nervous disorder including stress and stress related conditions unless the conditions have been diagnosed by a Community Mental Health Team overseen by a member of the Royal College of Psychiatrists, or has been investigated by a Consultant Psychiatrist.
  • You will not be able to claim for becoming a carer if the condition of the person being cared for existed prior to the start date.
  • You must be in receipt of Carer’s allowance to be able to claim for becoming a carer.

What happens if I am aware that I may be made unemployed prior to taking out this policy or within the first few months afterwards?

You will not be able to claim for any period of unemployment for which you were aware of at the start date of this policy which occurs within the initial exclusion period or if you were made aware by any means, within the initial exclusion period of anything that might lead to your unemployment.

The definition of the initial exclusion period is 60 days for a New Mortgage and 120 days for an Existing Mortgage commencing from your start date during which you cannot make an unemployment claim.

A new mortgage is defined as having been completed within the last 30 days. An existing mortgage is defined as having been completed outside the last 30 days.

The rule above will apply unless you have been accepted by us on a reduced initial exclusion period or you have been notified and we have received your agreement in writing of an extended initial exclusion period.

What would happen if I became unemployed immediately after taking out this policy or within the first few months?

You will not be able to claim for any period of unemployment which occurs within the initial exclusion period or if you were made aware by any means within the initial exclusion period of anything that might lead to your unemployment.

The definition of the initial exclusion period is 60 days for a New Mortgage and 120 days for an Existing Mortgage commencing from your start date during which you cannot make an unemployment claim.

A new mortgage is defined as having been completed within the last 30 days. An existing mortgage is defined as having been completed outside the last 30 days.

The rule above will apply unless you have been accepted by us on a reduced initial exclusion period or you have been notified and we have received your agreement in writing of an extended initial exclusion period.

Can I claim for a medical condition that I am already aware of?

You will not be able to claim for any condition or illness that you were aware of at the start date of the policy or have received treatment for during the 12 months immediately prior to the start date of your policy.  Please note, however, that this exclusion is waived if you have been symptom free for a period of no less than 24 months before the start date of any claim.  Please note that this waiver does not apply to any chronic condition– the definition of a chronic condition can be found under the Meaning of Words section of the Policy Wording and is also shown at the end of this section – please use the down arrow on your keyboard.

Can I claim for back related injuries/conditions?

If your disability is due to a back related condition, we will require radiological medical evidence (MRI, X-Ray, CT Scan) from your doctor of an abnormal finding.

Can I claim for mental or nervous disorders?

You will not be able to claim for any mental or nervous disorder including stress and stress related conditions unless the conditions have been diagnosed by a Community Mental Health Team overseen by a member of the Royal College of Psychiatrists, or has been investigated by a Consultant Psychiatrist.

How will my claim be paid?

A successful claim will see your i:protect Mortgage Payment Protection Insurance payments paid directly into the bank account that we collect the Direct Debit from.

What evidence must I provide at claim stage?

Accident and Sickness – In addition to completing a claim form you will need to be signed as unfit for work by a Doctor and provide regular evidence to that effect.

Unemployment – In addition to completing a claim form you may be asked to provide proof of your income such as bank statements and/or accounts and/or tax returns together with P60′s and regular proof that you are actively seeking employment from the Department for Work and Pensions, such as:

  • Evidence of your efforts to search for new employment. A minimum of 3 communications (e.g letters or emails) from, or to, prospective employers, copies of application forms, interview letters or rejection letters. These must relate to the most recent period of your claim.
  • Monthly evidence of the payment you have received from the Jobcentre Plus. This must be a copy of the bank statement, or direct evidence from your Bank, confirming details of this payment. The document supplied must also confirm your identity by showing your Name, Address or National Insurance Number.

All unrelated information/payments can be blanked out, together with the final 4 digits of the Bank Account Number showing on this document.

  • When your claim at the Jobcentre Plus comes to an end, you will be asked to supply a copy of the P45 that is issued to you at that time. You will also need to supply a copy of the letter that will be issued to you by the Jobcentre Plus confirming the end of your benefit claim.

Carer Cover – In addition to completing a claim form you must provide a letter from the Doctor of the member of your immediate family to confirm the nature and start date of the condition suffered.  You must also provide us with the Community Care Assessment of the needs of the member of your immediate family and your Carer’s Assessment.

How do I know when my new policy starts?

When you submit an application for cover on-line, including completion of a direct debit mandate, this means you have applied for a policy. We look at each one individually. Applications are underwritten and you may be asked for additional information. Therefore, we undertake not to debit any premium until we confirm in writing that your application has been accepted by the Underwriters and you have been placed on cover.

At exceptionally busy times, it is possible that your application my not be considered for one or more working days, please bear with us during these times. If you have any queries, please make use of the ‘contact us’ facility on the i:protect website. The cover on any existing policy you may have should be maintained until you have written confirmation from i:protect that your new policy is in force.

How do I cancel my i:protect Mortgage Payment Protection Insurance?

You can cancel your i:protect Mortgage Payment Protection Insurance at any time by writing to us. If you cancel within the first 30 days of the start date or the date you receive your policy documents you will receive a full refund of any premiums paid. No refund of premium is paid after this period.

Can the Insurers cancel my i:protect Mortgage Protection Insurance?

The insurer is able to cancel your policy at any time by giving you 30 days written notice if a substitute plan is available, if no substitute plan is available then the insurer must provide you with 90 days written notice. All notices will be sent to your last known address.

Can the Insurers change the premiums payable?

Yes, premiums are reviewable and the insurer can change the premiums payable by giving you 60 days written notice at your last known address. The insurers must provide you with reasons for any change in premium payable.

What is Carer Cover?

Carer cover is provided automatically if you have selected Unemployment cover, it is not available if you have chosen Accident and Sickness only. .  Carer Cover pays out a benefit if you are unemployed due to becoming a carer for an immediate member of your family.

 

DEFINITIONS

Definition of a Chronic Condition

A Chronic Condition is a condition which has at least one of the following characteristics:-

  • it continues indefinitely; or
  • it is constant and is controlled rather than cured; or
  • it has symptoms which recur and have required consultation, treatment or care in the past;or
  • it requires long-term monitoring or treatment, consultations, check-ups, examinations or tests.

Definition of Words: Excess

This is the number of days from the start date of your claim for which nothing is payable.