Income/ Mortgage Protection Insurance and Redundancy Insurance

Mortgage protection insurance/ accident sickness & redundancy

Income protection insurance helps you protect your income with insurance. Mortgage protection insurance on the other hand, is more specific and helps protect your mortgage payments with insurance. Both types of insurance policies cover you against accident, sickness and unemployment/ redundancy or a combination thereof.

We offer income payment protection insurance, mortgage payment protection insurance and redundancy protection insurance. On the site are three plans suitable for obtaining the payment protection you need.

The first income protection insurance plan is cheaper for the younger person and accident/ sickness only. Benefits are on a back to day one after 30 days basis. Rates are:

Age	Combined ASR	AS Only	Redundancy Only
18-30	£3.50	£1.80	£3.40
31-40	£4.00.	£2.20	£3.90
41-50	£6.00	£3.30	£5.90
51-60	£9.50	£5.30	£9.40
61-64	£12.00	£6.60	£1.19

The second income protection insurance plan offers redundancy insurance only as an option and greater variations. It offers the following rates (subject to a policy fee of £1.85 a month). The rates are: monthly premium per £100 per month benefit. covering your mortgage is cheaper. The maximum age is 60 at inception but the policy can continue until you are 65.

Options	Combined ASR			AS Only			Redundancy
Excess	Day 1	30	60	Day 1	30	60	Day 1	30	60
Mortgage Protection	£3.75	£3.25	£2.75	£2.50	£2.35	£2.25	£2.50	£2.35	£2.25
Income Protection	£4.85	£3.95	£3.65	£3.40	£3.05	£2.80	£4.00	£3.50	£3.15

Mortgage Payment Protection insurance and benefit levels.

The first insurance policy has a maximum of £1,500 or 50% of gross earnings.
With the second insurance policy the more mortgage cover required the higher the limits available. Limits ranging from £1,500 to £1,000 depending on the cover needed.
The third insurance policy provides cover up to £3,000 per month or 90% of your take home pay - but you must select those monthly bills e.g. rent, loans, alimony, SKY, Broadband etc for which cover is needed. This policy has wider cover e.g. any involuntary unemployment not just redundancy, covers backache as standard, has only a 60 day initial exclusion period

Option 1: Age related premiums - no occupation requirements

Option 2: Discounts for excesses - some occupation loads (see below)

Option 3: 60 day initial exclusion period: up to £3000 per month benefit

Permanent Health

Mortgage payment Protection insurance and occupations

Manual occupations are rated well on these income protection insurance policies- accident and sickness cover under these plans can be very cheap. On the other hand the second policy does not like some non-manual occupations. People working for an IT company, airline, company, some financial services companies, Human Resources and recruitment will find much higher rates and are therefore directed to the first policy.

With all plans, of course, you must qualify with your job - you must be in full time work (16+ hours a week) - or self-employed - for at least 6 months. If you are a contract worker then the benefits will cease on expiry of your contract unless it has been renewed at least twice for a year.

Protection insurance and pre-existing disabilities

Like all such contracts our income protection insurance policies cannot cover most pre-existing disabilities - so we recommend that if you have a policy that does cover a disability you now have, you should stay with them. Furthermore the first two policies require that any back injury be substantiated by a specialist - other conditions will apply depending on which policy you select.

Initial Exclusion Periods for income protection insurance

Although accident and sickness cover starts immediately there is a period (60, 90 or 120 days) during which if your job loss is announced there will be no cover. This is to prevent selection against the insurers as they assume you might have been aware of the difficulties your company has trading. Whilst we may be able to organise exclusion-free transfer of the sum insured with MP, this will not be possible with IP so, unless you intend to keep your previous and current policy in force for the period we suggest that you do not switch under these circumstances.

About our insurance providers for accident, sickness and redundancy insurance

The first policy is provided by Burgesses Limited (income protection insurance specialists) who have offered this type of policy on the internet for more than 10 years.

Burgesses Limited is a company that has been recommended by a large number of local and national newspapers and magazines including The Times, The Telegraph, The Guardian, The Mail on Sunday and The Financial Times. A 'best buy' - BIBA exclusively appointed it to provide a service to its members and its products have topped Which? surveys.

When you click to go to the Burgesses Limited website you will be able to get a no obligation and confidential instant quote, together with all the information you require to apply online.

Burgesses Limited are directly authorised and regulated by the Financial Services Authority under registration number 302674.

Please be aware that responsibility under Financial Services Authority (who regulate insurance) regulations will therefore be assumed directly by Burgesses Limited if you purchase your policy from them.

The second policy is provided by DMS. DMS are a respected firm providing PPI. We particularly like them because they are very helpful in speaking to any of their customers who need help or information about their product. The product is also one of the cheapest on the market and offer back to day one as standard with discounts for excesses of 30 or 60 days.

The third policy is provided by MMS. We like this policy because of the wider cover (unemployment is not restricted to redundancy and back problems are covered automatically. Also there is exclusion free transfer of cover and only a 60 day initial exclusion period.

further information

If you dont contact us for information about income protection insurance then these policies are offered on a 'non-advised basis'. If you want advice please call B. Portwood & Company Ltd. Our experienced staff are only too pleased to help you - call 01388 607105

Landlords Insurance and buy to let insurance

You can compare landlords insurance at our main site. Just follow the link to compare landlords insurance . The site also has information on buy to let insurance.

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