Mortgage Payment Protection Insurance Cover Options

Our MPPI policy allows you to tailor your cover to your own individual needs and budget. You can decide on the right level of cover, how much monthly benefit you wish to receive and when you receive your benefits in the event of a claim. You can even choose to defer your first 3 or 6 months premium payments.

This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at: www.moneyadviceservice.org.uk/yourmoney. A typical monthly cost for Paymentshield Mortgage Payment Protection Insurance is £5.53 for every £100 of monthly benefit.*

Choose your cover levels

• Full Accident or Sickness and Unemployment cover
• Accident or Sickness only
• Unemployment only

Choose your benefit period

• A choice of 12 or 24 months maximum benefit period for Accident or Sickness cover
• A 12 month maximum benefit period is available for Unemployment cover

Choose how much cover you receive

• Choose a monthly benefit of up to £3,000, subject to a maximum of 75% of your gross monthly income, whichever is the lowest

Please note that maximum monthly benefit amount you can select will be your monthly mortgage repayment plus related insurance premiums, plus an additional 33% on top of this amount, subject to the above limits.

Choose when you start paying

• You can choose to defer the first payments for either 3 or 6 months, or pay your premiums from the start of the policy for a cheaper monthly cost

Choose your Qualification Period to determine when you receive your benefit

• 30 Day Back to Day One
  Your first payment is made on the 31st day of your claim and payments are backdated to the first day of your claim. Your first payment is therefore for day 1 to day 30. Monthly payments will continue for the period that your claim remains valid or the maximum benefit period is reached.
• 60 Day Back to Day One
  Your first payment is made on the 61st day of your claim and payments are backdated to the first day of your claim. Your first payment is therefore for day 1 to day 60. Monthly payments will continue for the period that your claim remains valid or the maximum benefit period is reached.
• 30 Day Excess
  No payment is made for the first 30 days of a claim. Your first payment is made on the 61st day of your claim and payments are backdated to day 31. Your first payment is therefore for day 31 to day 60 and monthly payments will continue for the period that your claim remains valid or the maximum benefit period is reached.
• 60 Day Excess
  No payment is made for the first 60 days of a claim. Your first payment is made on the 91st day of your claim and payments are backdated to day 61. Your first payment is therefore for day 61 to day 90 and monthly payments will continue for the period that your claim remains valid or the maximum benefit period is reached.
• 180 Day Excess
  No payment is made for the first 180 days of a claim. Your first payment is made on the 211th day of your claim and payments are backdated to day 181. Your first payment is therefore for day 181 to day 210 and monthly payments will continue for the period that your claim remains valid or the maximum benefit period is reached.

Tailor your Qualification Period to suit your needs

• You can select different qualification periods for Accident or Sickness and Unemployment cover, when taken together on the same policy.
• Selecting an Excess Qualification Period may be cheaper than Back to Day One cover
• Selecting a longer Excess Qualification Period can also lead to a cheaper premium!

For example: If you receive 2 months sick pay from your employer, you may wish to choose a 60 Day Excess period for Accident or Sickness cover but choose a 30 Day Back to Day One period for Unemployment cover, so that you’re covered from day one.

* The monthly cost is inclusive of Insurance Premium Tax (IPT) at the current rate of 6%. The cost is based on our full accident, sickness and unemployment option with 30 day back to day one cover, 12 months benefit and no deferred premium payment period, protecting a monthly repayment of £620.

MortgageProtector is underwritten by Aviva Insurance Limited