Protect Your Home – Get Mortgage Protection Insurance Quote Now!
Mortgage Protect Insurance Quote Overview: Our policy for Employed and policy for those running their own business does it all if you are Employed your needs are totally different to those of someone running your own business. Because of this, DMS has different products for these different categories. Use our mortgage protection insurance quote to get an instant quote online.
You need Business Guard if you are Self-Employed or a Controlling Director of your own company, and Home Guard if you are Employed. DMS Business Guard is unique in that in the event of a claim, no enquiries are made about income or expenses.
This is particularly valuable for a business owner making a claim at a time when they may have no proof of income or accounts, or their income and profitability may have reduced dramatically. Use our mortgage protection insurance quote to get an instant quote online
Here at Income Protection UK we do not believe in having a policy that covers only a mortgage.
Our Short Term Income Replacement cover can be used to pay a mortgage, rent, loan, or any regular monthly expense. Use our mortgage protection insurance quote to get an instant quote online.
This is because in the event of a claim we simply pay the money to you, and let you decide on what to do with it.
The expenses you can cover can be expenses that you have, your spouse or partner has, or a combination of these.
Our one policy covers all your Income Protection needs including protecting your Mortgage. However, because you may be comparing our products with other products, we are going to tell you a little bit about Mortgage Protection on this page.
Mortgage Payment Protection Insurance (MPPI)
MPPI is Income Protection Insurance that insures your mortgage payments against job loss through Involuntary Redundancy, Business Closure or if you are unable to work as a result of illness or injury.
We have among the lowest Initial Exclusion Periods in the market at 60 days but, if you take our policy out at the same time as a new mortgage, the initial exclusion period is zero. There is no initial exclusion period for claims in respect of illness or injury.
You can choose a waiting period before the benefits become payable. The effect of a slightly longer waiting period is to reduce the premiums a little. You can choose to have the benefits payable from day 1 of the claim, from day 31 of the claim or day 61 of the claim.
All benefits are paid 1 month in arrears. Therefore, if you chose back to day 1 cover, you would be paid on day 31 from day 1 of the claim.
Income Protection UK can provide exactly the right Income Protection insurance to cover your mortgage payments, rental payments, or indeed, any other loan or regular monthly expense payments that you may have. Use our mortgage protection insurance quote to get an instant quote online.
You will very often find that the Income Protection UK DMS product not only offers more benefits than your existing provider but the premiums will also be considerably cheaper. There is therefore, GOOD NEWS. If you are replacing your existing cover with a Income Protection UK DMS product, your cover continues without a break and your new DMS policy will have NO initial Exclusion Period.
Not all Income Protection Insurance Policies are Equal
We invite you to do a comparison of not only our mortgage protection insurance premium but also the features and benefits of our product compared with anything else you find on the market.
We know that you will come back to us because we know that Income Protection UK products offer the best cover and value available in the marketplace today.
Mortgage Payment Protection Insurance and our own Income Protection Insurance covers your mortgage (rent, loan or other regular monthly repayments) for up 65% of your annual gross income.
Products are available for repayment (capital and interest) mortgages and interest-only mortgages.
You need to determine how long you would like the length of your policy term to be, the amount of benefit you the policy to pay you every month and what options you would like to be covered:
- Illness and Injury
- Involuntary Redundancy or Business Closure
- Illness, Injury & Involuntary Redundancy or Business Closure (ASU)
Mortgage Protection Products Designed with YOU in Mind
Our Income Protection plans are designed to cover your mortgage, loans and other regular monthly commitments and will pay out for up to 12 months or until such time you return to work, whichever is the sooner.
In our experience, the average injury or illness claim is for 4½ months and the average involuntary redundancy or business closure claim is or 9½ month
Hence, the most popular benefit payment period people choose is 12 months.
Income Protection UK and DMS are different
If you are self-employed or a controlling director running your own business and you have our Business Guard Income Protection policy, you self certify the affordability of your expenses with a bank statement and then,in the event of a claim, we make no enquiries about income or expenses.
If you are employed and you have our Home Guard Income Protection policy you have the option of pre-validating your expenses with a bank statement and then, in the event of a claim, we make no enquiries about expenses and she would simply prove your income with wage slips.
No other provider offers this facility.
If you are paid by an employer while you are off work through illness or injury, we will pay you in addition where as many other providers will deduct the employers payment from the amount of benefit they pay you.
All our policies are underwritten at application stage. Other providers don’t look at the details of the application until a claim arises.Use our mortgage protection insurance quote to get an instant quote online
Therefore, with many other providers you would hope that you are covered whereas with our DMS product, you know you are covered because it says so on the policy certificate.
If there are any exclusions, these are quite clearly noted and if you want clarification that something is covered or is not covered, we will actually endorse the insurance certificate especially for you so that you know exactly what you are covered for and what you are not covered for.
As a result of DMS unique way of working, during the whole of 2015 DMS approved for payment a market leading and staggering 95.45% of all claims notified
What are Deferred, Excess, Waiting Periods and what is an Initial Exclusion Period.
Whether it is called a Deferred or Excess or Waiting Period, it is all the same thing. We shall just call it the Waiting Period. Different providers use different terminology. It is the length of time left between when you stop work and when you receive your first Payment Protection Insurance pay-out.
You will receive monthly pay-outs continuously until you return to work or the fixed period that you have chosen ends.
That fixed period for the benefit payment with our products is either 6 months or our most popular, 12 month period.
This is the period for which benefit will be paid. There is no limit on the number of claims that you can make during the course of the policy and DMS cannot increase the premiums on your policy just because you have claimed regardless of how many times you have claimed.
Some policies will allow you to choose the length of the Waiting Period and with our Income Protection UK DMS policies, you can choose a waiting period of zero, 30 or 60 days.
Bear in mind the longer the Waiting Period you choose, the lower your premium will be but the longer you have to be unable to work before any benefit will be paid.
A good rule of thumb is to choose an excess period that will not cause you undue financial hardship. If you are in any doubt, speak to a Financial Adviser who can advise you not only with regard to the features and benefits of our product but other products on the market and whether they fit your individual circumstances. Use our mortgage protection insurance quote to get an instant quote online
Initial Exclusion Periods
If during the Initial Exclusion Period (IEP) you become aware that your job is at risk, and you suffer Involuntary Redundancy or Business Closure, then EVEN IF your job loss occur after the Initial Exclusion Period you cannot make a claim for that job loss.
If that happens, DMS will offer to cancel your policy, refund your premiums and activate their Fresh Start Back Into Work Service. The gold news is that once the IEP is over, it is over for ever.
The Initial Exclusion Period varies from provider to provider. Our Initial Exclusion Period is 60 days unless you take the cover out along with a new mortgage to start at the time of the new mortgage in which case, the Initial Exclusion Period is waived completely.
If you take out a Income Protection UK product to replace that of an existing provider, and provided the cover is continuous, the Initial Exclusion Period will be waived.
If your claim is for illness or injury, there is no Initial Exclusion Period. What this means is that you can take the cover out today and be off work with a broken leg tomorrow and the policy will pay out subject to any Deferred, Excess or Waiting Period.
The Initial Exclusion Period is not something which you can choose, it is set by the provider although sometimes different providers have different periods.
Is Mortgage Protection Insurance /Short Term Income Protection for you?
We give YOU, “Lifestyle Protection.” The ability to maintain you and your family’s lifestyle if you suddenly lose your income.”
Mortgage Protection Insurance and our Income Protection Insurance is suitable for you if:
- Loss of your monthly income would mean you are unable to meet your monthly mortgage, loan, rent or other regular monthly payments if you unable to work because of illness, Injury or forced unemployment
- You are running your own business and would not receive sick pay or any redundancy payment.
Mortgage, Income or Payment Protection Insurance may not be required if you already have other forms of mortgage payment protection cover, you have sufficient savings or are able to support yourself.
If you have a Mortgage, Payment or Income Protection Insurance policy you may be excluded from receiving certain government benefits.
Please don’t think that the Government will immediately step in to help you if you are unable to pay your mortgage. The Government does have a scheme which would help with your mortgage but as you might imagine, they are not particularly helpful. Use our mortgage protection insurance quote to get an instant quote online
There are schemes for:
England & Wales, https://www.gov.uk/support-for-mortgage-interest
Scotland, and http://www.gov.scot/Topics/Built-Environment/Housing/privateowners/Repossession
Northern Ireland. http://www.nidirect.gov.uk/getting-help-to-make-your-mortgage-interest-payments
However it might not be a good idea to rely on this because the English scheme for example was recently downgraded and there is now a waiting period, before benefits are payable, of 39 weeks. There are lots of other restrictions and reductions which you will read from the site.
Many lenders will have already started re-possession proceedings of your home if you have not paid your mortgage, by the time any government benefit starts to be payable.
Do I qualify to have this cover?
Anyone employed on a permanent contract, self-employed or any part-time worker who work for more than 16 hours a week may be eligible for Mortgage Protection Insurance and/or Short Term Income Protection Insurance.
Seasonal or temporary contract workers will not meet the criteria for cover however. Therefore, anyone who works for example during the summer at a holiday resort in or in a hotel, cannot have the cover.
There are other criteria for contract workers and our chosen provider DMS are happy to look at each case on its individual merits. You can get a quote here and submit an application without actually committing yourself to go ahead.
We are happy to answer any queries that you may have about our DMS Business Guard and Home Guard Short Term Income Replacement policies.
If however you want advice as to whether any of our products suit your particular circumstances please contact us and we will put you in touch with an independent financial adviser who can advise you on the suitability of any of our products for your particular needs.
Please note that the adviser may recommend another product than one of ours because they are of course independent. Use our mortgage protection insurance quote to get an instant quote online
Ultimately, the decision is YOURS. Use our mortgage protection insurance quote to get an instant quote online
Mortgage Protection and Short Term Income Protection Policy Exclusions
Each insurer will have different exclusions on their Mortgage Protection and Income Protection Insurance policies so you need to make sure that you know exactly what you will be covered for. We are proud of our Policy Terms and Conditions and Key Facts which are written in plain English with the meaning of words spelt out quite clearly.
Here are some examples of Common Exclusions with other providers and the positive steps we’ve taken to remedy the situation.
• A pre-existing medical condition that is known about
• Long term chronic medical conditions
The IPUK view: If you have a pre-existing medical condition, we can usually still give you cover and we would just issue the cover with the pre-existing conditions excluded.
That would be noted on the insurance certificate so you know exactly what is covered and what is not.
Once you have been symptom and treatment free for 2 years, we treat it as though it doesn’t exist and you would be fully covered in the normal way.
• Back-related injuries.
We will cover this just like any other injury or illness and we don’t require any specialist medical evidence within the first 3 months whereas other providers require medical evidence to substantiate the claim at outset.
• Stress-related illness.
The IPUK view: We will cover this just like any other illness or injury and we don’t require any specialist medical evidence within the first 3 months whereas other providers require medical evidence to substantiate the claim at outset.
Back and Stress related matters account for over 50% of claims
Providing Accurate Information
If you do not supply accurate information this could result in you getting an unsuitable and incorrect quote and policy and in the event of a claim incorrect information on the application form could make any claim invalid.
Prior to 2012, it was necessary to disclose on an application form any details which may affect the insurer’s attitude to risk, even if the question was not asked.
This was problematical because the average person in the street would not know what would affect the risk/underwriting decision and what would not. Since 2012 there are generally more questions on an application form, if the question is not asked, you do not have to do volunteer the information.
You can cancel your Mortgage Protection Insurance policy at any time by simply cancelling the direct debit and informing DMS.
There is no penalty for doing so. If you cancel within the first 30 days you will receive a refund of any monies that you have paid. If you cancel at any time after that, there is no refund.
The policy never acquires a cash value. Once you stop paying, the cover lapses. Full details are contained in the policy terms and conditions.
You can get a quote here and submit an application without actually committing yourself to go ahead.