Income / Mortgage Protection Insurance

We offer mortgage protection insurance and income protection insurance, plans which provides payment protection cover against redundancy and/or insurance against accident and sickness. Mortgage protection cover as well as income protection is available but a mortgage is not needed to buy our income protection insurance with options for accident, sickness and loss of employment accident and sickness only or loss of employment only.

Mortgage protection and income protection insurance

Mortgage protection insurance and income protection is available (redundancy insurance and/ or accident/ sickness) with three plans providing insurance on a stand-alone basis. The first income protection insurance option is cheaper for the under 30s (mortgage protection), 40s (income protection) and accident/ sickness only. Benefits are on a back to day one after 30 days basis. The rates for loss of employment insurance are not competitive as you can see.

Age	Combined ASR	AS Only	Loss of employment 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 mortgage 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 insurance. Mortgage (limited to mortgage + 25%) and income can be combined on the one insurance policy. The maximum age is 60 at inception but the policy can continue until you are 65.

Options	Combined ASR			AS Only			Loss of employment
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

We now have a third income protection insurance plan that protects your mortgage and other monthly commitments under the insurance policy. You are limited to £3,000 or 90% of your net take home pay with discounts for taking an excess. 18 months benefits are available. Due to its nature we cannot provide a firm quote online but to give you an idea: The basic rate is about £5% with 15% extra to cover 18 months: single cover is 60% of combined cover and you can save 25% or 30% by taking an excess. Other benefits include a 60 day initial exclusion period only and exclusion-free transfer from another insurer. The approximate rates are shown below but the reason you should take out this policy is the additional cover provided.

Excess	ASU 12 months	A/S \/ U/O 12 M	ASU 18 M	A/S \/ U/O 18M
Back to Day 1	£5.00%	£3.00%	£5.75%	£3.45%
30 day excess	£3.75%	£2.25%	£4.31%	£2.60%
60 day excess	£3.50%	£2.10%	£4.03%	£2.43%

Summary | Policy

Our income protection insurance and benefit levels.

The first insurance policy has a maximum of £1,500 or 50% of gross income.
With the second policy the more mortgage payment protection insurance cover required the higher the limits available. Limits ranging from £1,500 to £1,000.
The third policy provides more cover with options for 18 months benefits and excesses to reduce the cost. You must specify your spending patterns and we will e-mail you a quote.

Option 1: Age related premiums - no occupation requirements

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

Option 3: Up to £3,000 cover or 90% of net income - 60 day initial exclusion period

Occupations

For mortgage protection, manual occupations are rated well - accident and sickness cover 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 both 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.

Disabilities

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

Initial Exclusion Periods

Although accident and sickness cover starts immediately there is a period (90 or 120 days) during which if your job loss is announced benefits will not be paid. 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 providers

The first policy is provided by Burgesses Limited who are specialists in this form of insurence..

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 insuance) 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.

further information

If you buy online then this policy is 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 is available here and buy to let insurance here. As well as buy to let and landlords insurance a full range of other products are available.