Payment Protection in Colne Retirement planning, investments and corporate planning. What is it? Mortgage Payment Protection Insurance, sometimes called Accident Sickness & Unemployment insurance, will pay your mortgage for up to two years in the event you are unable to work due to an accident or period of sickness. It will pay your mortgage
upon involuntary redundancy, but not for voluntary redundancy, dismissal or simply walking out of your employment, it is for this reason it is no longer called ASU Insurance, and it is not technically correct.
Please click here to call us now.
How will it benefit me? In the event of a valid claim your mortgage payments would be made in full by the insurance company, after the deferred period. The deferred period, is the period of time which you are prepared to wait before the claim will pay out, for example, if your
employer offered three months on full pay in the event you cannot work due to sickness or accident, then you would select a deferred period of 13 weeks, as that is when you would need to mortgage to be paid from. Mortgage Payment Protection Insurance
can also be set up to provide you with more money than just to pay your mortgage, to replace some of your lost income and pay other mortgage related insurances. This amount can be up to 25% of your mortgage costs.
Please click here to make an online enquiry.
Won't the state pay my mortgage if I claim Income Support or Sickness Benefits?
Mortgage Payment Protection Insurance became even more important after 1 st October 1995, when the Income Support for Mortgage Interest rules changed. All mortgages taken out after this date will have to wait 39 weeks for any claim for mortgage interest
to be paid to the lender, and not many lenders would be prepared to let your mortgage fall so far into arrears without taking some sort of action.
For this reason the importance of Mortgage Payment Protection Insurance cannot be underestimated, and the premiums really are inexpensive for the cover provided. Please speak to one of our specialist advisors for a quotation by clicking here. You
can also call on 0800 0560 789 01282 866190
