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Job Loss Mortgage Protection

How long will I have to wait before the income protection or mortgage protection insurance policy claims will be paid?

There is usually a waiting period at that start of each claim before insurance benefits are paid. This may be 30 or 60 days but some income protection or mortgage protection insurance policies pay back to the first day of your claim.

For how long will an income protection or mortgage protection insurance policy keep paying?

These policies usually pay for a maximum period of 12 months for each separate claim.

Can I take out an income protection or mortgage protection insurance policy at any age?

Most policies usually offer cover from age 18 up to the age of 60, but some policies allow a higher age of 65 in certain instances.

I am self-employed. Can I claim?

Some income protection or mortgage protection insurance policies will offer cover if you have involuntarily ceased to trade and have informed the Inland Revenue. Voluntary insolvency will not be covered.

I am not a permanent employee and am employed on a contract basis. Can I claim?

Some income protection or mortgage protection insurers will allow a claim if you have been on a contract for at least 12 months and had it renewed at least once, or worked continuously for at least 24 months.

Can I claim if I had a medical condition before I bought the cover which then re-occurs?

Some income protection or mortgage protection insurers will accept your claim if you had been free of symptoms for a period of 12 months prior to taking out the insurance. However, some chronic conditions may not be accepted due to their recurrent nature.

Can I claim for pregnancy or childbirth?

Income protection or mortgage protection insurers will not allow a claim in these circumstances unless it is a serious medical complication, which is diagnosed by a recognised obstetric specialist.

I only took out the income protection or mortgage protection insurance because I knew it was likely that I was going to be made redundant. Can I still claim when this happens?

No! If you knew at the start date of the policy of it being likely that you will be made redundant the insurer will not pay, irrespective of whether you had an official notice or not.

If I am made redundant and can only get short term temporary work, will I be able to resume claim payments when the temporary work ends, without having to start a new waiting period before the claim is paid.

Some income protection or mortgage protection insurers may suspend your claim whilst you are working and start again when the work ends without you having to wait again.

What happens if I am claiming for unemployment and become sick and unable to work, will I have to go through another waiting period?

Not usually. Most income protection or mortgage protection insurers allow you to switch without having to go through another waiting period.

When I buy the cover should it be explained to me?

Yes. When you buy income protection or mortgage protection insurance the seller should explain the important features and ensure it is adequate for your needs.

IMPORTANT NOTE: Policy terms vary between insurers. Always read your policy document carefully to ensure what is, and most importantly, what is not covered. If in doubt check with the seller.

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