What is a Mortgage Protector Plan?

A Mortgage Protector Plan helps you pay your mortgage when you can’t work.

 No-one knows what lies ahead, but we do know that accident or sickness can strike at any time. When it does, it could leave you unable to work and keep up with your mortgage repayments.

With the Mortgage Protector Plan, you get the peace of mind knowing that if you’re unable to work due to accident or sickness, you’ll receive a monthly cash lump sum.

 

This money can be used to pay your mortgage and ensure you don’t fall behind. Your home may be repossessed if you do not keep up repayments, so it’s vital you’re able to carry on paying, even when injury or illness strikes. It’s a simple and effective policy that anyone with a mortgage needs to consider.

So why put yourself at risk? Take out a Mortgage Protector Plan today and start protecting the important things in your life.

 

 

Call now for a quote: 0800 046 9781

 

Plan highlights

The Mortgage Protector Plan pays you a monthly cash lump sum if you’re unable to work due to accident or sickness.

Up to £3,000 monthly accident and sickness benefit
Up to £300 daily hospitalisation benefit
Up to £36,000 lump sum accidental death benefit
Guaranteed acceptance (subject to eligibility)

What’s included?

  • Accident and sickness benefit - up to £3,000 a month
  • Hospitalisation benefit - up to £300 a day for up to 30 days per policy year
  • Accidental death benefit - up to £36,000 lump sum
  • Joint cover option – for two people to be covered under one plan
  • Waiting period – 30, 60, 90 and 180 days (this is the amount of time you must be unable to work before benefit is paid)
  • Benefit period – 1 or 2 years (this is the amount of time that benefits will be paid for)
 
 

Who is eligible to join?

If you (and your partner if joint cover) are:

  • Between the ages of 18 and 64 inclusive
  • Resident in the UK, Isle of Man or Channel Islands
  • Have a residential mortgage
  • Able to provide a 2-year medical history from your GP upon claim
  • Actively working: employed for a minimum of 16 hours per week, or self-employed

What’s not included?

  • Mortgage payments on buy-to-let or second or holiday properties
  • Sickness in the first 60 days
  • Pre-existing medical conditions
  • Selected back conditions
  • Stress and depression
  • Deliberate actions such as criminal activity
  • Drug or alcohol use
  • Professional sports people
  • Selected high risk sports
 

How do I make a claim?

Call the claims team on 0330 018 2321.

 

Complimentary benefit

As with all APRIL UK plans, your clients will receive discounted Bupa Health Assessments when they take out a policy - at no additional cost. They'll get 25% off a range of tailored medical assessments, as well as expert guidance on how to improve their health.

 

The plan in action

Meet the Thomas family. Mr & Mrs Thomas are in their 30s, and their children are just about to start nursery. Mr Thomas is self-employed, running his own business, and Mrs Thomas is employed part-time. They’ve just moved into a larger house to be closer to the new school, and have remortgaged. Their repayments have increased to £800 a month.

While the family now has their dream home, Mr Thomas is concerned about how they’ll pay their mortgage if he’s unable to work due to an accident or sickness. He decides to take out the Mortgage Protector Plan. Mr Thomas is delighted when he finds out that he can protect his mortgage payments for less than £1 a day*. According to Mr Thomas, taking out the plan is one of the best decisions he’s ever made. After all, it’s difficult to argue with spending less than £1 a day on cover.

* Mortgage Protector premium based on an individual policy, aged 41-50, monthly benefit of £800, 30-day waiting period, 12-month benefit period.

 
 

 

Call now for a quote: 0800 046 9781

 

Popular links

For all product literature, please go to our Literature Library.

FAQ

Can I apply for this plan?
You (and your partner if joint cover) must be between the ages of 18 and 64 inclusive. You must have a mortgage and be resident in the UK, Isle of Man or Channel Islands. You must be able to provide a 2-year medical history from your GP upon claim, and you must be actively working – this means you must be employed for a minimum of 16 hours per week, or self-employed.
What is the joint cover option?
If your mortgage is in joint names and you both contribute towards repayments, then you may want to consider our joint cover option. This enables two people to be covered under one plan. You’ll be able to choose how much cover each person is insured for (minimum of £200), to reflect how much they contribute to the mortgage. It’s a simple and cost-effective way for couples to get cover.
What is the waiting period on the plan?
The waiting period is the period of time you must be unable to work, before your monthly benefit is payable. You can choose from 30, 60, 90 and 180 days.
What is the benefit period on the plan?
The benefit period is the period of time that your plan will pay benefits for. You can choose from 1 or 2 years.
Is there a limit on how much benefit I can receive?
Yes, as follows: • Accident and sickness benefit cannot exceed 125% of your mortgage repayments • Hospitalisation benefit must equal 10% of your accident and sickness monthly benefit • Accidental death benefit will be equal to 12 times your accident and sickness monthly benefit
Does the plan cover all medical conditions?
The Mortgage Protector Plan offers moratorium underwriting, which means that all medical conditions are covered as standard. This makes the Plan really quick and easy to apply for. Nevertheless, if you have a pre-existing condition, there is a time period associated. Any medical condition that you are aware of or have received treatment for will be excluded, unless you’ve been symptom-free and not received any advice or treatment for it for two years preceding the incident date. Once you’re two years ‘clear’ of the condition, it will be covered. Any new medical conditions are automatically covered, subject to policy terms and conditions. Please see the Policy Document for full details.
Can I cancel the plan after I’ve taken it out?
If for any reason you’re not satisfied with your plan, you may cancel it within 30 days from its start date for a full refund, provided that you’ve not made a claim.
Who underwrites this plan?
Maiden Life Försäkrings AB underwrite our Mortgage Protector Plan. They provide insurance solutions throughout Europe, protecting thousands of people just like you against accidents and sickness.