|
Your mortgage payments will almost certainly be your biggest and most important financial outgoing. So ensuring that your mortgage repayments are covered if you cannot work could be one of the most valuable decisions you will ever make.
What is Mortgage Payment Protection?
In association with Jubilee Service Solutions Ltd, we have designed our Mortgage Payment Protection scheme especially for our mortgage customers. It can help you meet your mortgage payments in the event that you cannot work because of an accident, sickness or involuntary unemployment.
Is Mortgage Payment Protection suitable for me?
The Government offers limited support to homeowners who lose their income, and those who qualify may receive nothing for over 3 months. Mortgage Payment Protection is therefore suitable for someone who wants the assurance that their mortgage payments will be met in the event that accident, illness or if involuntary unemployment reduces their income.
What are the main features?
- Up to 12 monthly payments per claim.
- Cover available up to £1,500 per month unless otherwise agreed by the insurers.
- Benefits start just 60 days after your claim begins and are then calculated daily.
- Available to permanent employees, self-employed and fixed term contract workers.
- For joint mortgages, both of you can be covered.
How much will it cost?
The cost per £100 of monthly benefit is just £3.25. This cost covers, accident, sickness and involuntary unemployment. It is not possible to cover the separate parts of this cover individually. All premiums are inclusive of the Government's Insurance Premium Tax at the current rate. If the insurers ever change the premium rate or terms of cover you will be given at least 60 days notice and 90 days notice of cancellation. As an added incentive to take this peace-of-mind cover, after the first three months we will send you a cheque refunding your premiums paid up to that point. Cover is generally only available for house purchases and new customers re-mortgaging to the Society.
How do I qualify for cover? You qualify for Mortgage Payment Protection Insurance provided that when it begins (your start date) you:
| 1. |
have a mortgage with Market Harborough Building Society; |
| 2. |
are over 18 and under 64 years of age; |
| 3. |
are permanently resident within the United Kingdom; |
| 4. |
are working within the United Kingdom, for at least 16 hours a week, and have been so continuously for the previous 6 months; |
| 5. |
are not absent from work due to illness or injury (if you are off work when cover begins then your disability cover will not commence until you return to work); and |
| 6. |
are not aware of any impending unemployment. |
What if I have a joint mortgage?
If you have a joint mortgage, you can choose for both people to be insured. Each person being insured must meet the above requirements to qualify for cover. The monthly benefit will then be split between you 50/50. Alternatively, you can choose for one person only to be insured for 100% of the monthly benefit.
How can I make a claim?
You should notify Jubilee Service Solutions Ltd (previous name Cassidy Davis) within 30 days of the start of any period off work for which you want to make a claim. They will explain the claims procedure and send you the appropriate forms to complete. They will then handle all matters about your claim directly with you. To receive claims advice contact them on 01444 450550 or send an email to jss.enquiries@jubilee-insurance.com. Other InformationThis Mortgage Payment Protection Insurance is optional. There are other providers of Mortgage Payment Protection Insurance, which is not the only product designed to protect you against loss of income. For impartial information about insurance, please visit www.moneyadviceservice.org.uk. If I need more information what do I do?We will always be pleased to help. Please speak to our Customer Services Team on 01858 412610 or email CustomersFirst@mhbs.co.uk. This information can be made available in Braille, Large Print and Audio format. The information above does not provide full details of the cover available, or of the exclusions. These are set out in the policy summary and policy document, both of which can be supplied upon request.Cover is provided by Jubilee, Lloyd's Syndicate 5820
|
|