Mortgage Insurance pays off the mortgage in the event of your death. It keeps a roof over the heads of the people you leave behind, by paying off the debt directly to the lending institution.
If you have Mortgage Insurance with us we’ll pay a tax free lump-sum to your nominated mortgage lending institution if you die, or earlier if you’re diagnosed with a terminal illness.
If you’re looking for something that will pay your mortgage and bills if you can’t work due to illness or injury, check out our Income Protection.
Or if you are wanting to cover more than your mortgage, take a look at our Life Insurance.
Probably not – in fact less than 2% of customers who apply for cover need to visit a GP. Depending on your answers on the application form, we may require additional information from you or from your GP but this does not mean you have to visit them, we simply ask them to send us the relevant information from your medical file.
Occasionally we may require you to see your GP to have a medical exam or to have a blood test done, but if this is the case we will discuss it with you first.
It really depends on your answers. For many people we’ll assess your information online and you have your life insurance cover in less than 10 minutes. If you aren’t accepted online we’ll be in touch on the next working day and will let you know the next steps.
If we need further information from you it could take a day or two, while if we need information from your GP, it will depend on how quickly your GP responds to our request. Some doctors respond within a week, others can take two or three weeks or sometimes longer.
Life and mortgage cover both pay out a lump sum amount in the event of death or diagnosis of terminal illness of the person insured. A terminal illness claim will be paid out if we accept medical evidence that the insured person has 12 months or less to live.
For a life cover policy we’ll pay the owner of the policy, for a mortgage cover policy we’ll pay the lending institution you nominated.
With a mortgage cover policy you will also be eligible for a 5% discount if you are taking out the policy within 3 months of getting your mortgage approved.
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