Already Have A Policy?

If you already have payment protection, you can still purchase a policy from Ant Insurance. Please see below for information about replacing your existing policy, or keeping it and taking out further cover with us.

Replacing your existing policy

If you have an existing payment protection insurance policy such as income, loan or mortgage protection, you can "transfer in". This simply means that you intend to cancel your existing policy in order to take out ours. If you choose to "transfer in", we will waive the initial 90 day exclusion period that is effective from the start date of your policy (this exclusion period applies to unemployment claims ONLY).

In order to be eligible for the waiver:

• You must have had your existing policy for at least 6 months
• You must not have cancelled your existing policy prior to the start date of our policy
• You must not have claimed against your existing policy within the past 2 years

In order to 'transfer in', simply click 'Yes' to the question "Do you wish to transfer from an existing payment protection policy?" on the application form. If you have a joint mortgage with payment protection, and are both named on the mortgage policy, you may each individually transfer in.

Once your policy arrives you can then cancel your previous policy. Nothing further will then happen unless you make a claim for unemployment within the first 90 days of your successsful application. At this point you would need to provide evidence of the previous policy.

In the event of an unemploymemnt claim within the initial 90 days, your claim will be limited to the amount covered by your previous policy. However, once the initial 90 day period has expired, your new cover amount will apply.

 

Keeping your existing policy

If you choose not to "transfer in" and replace your existing policy, you may still take out our cover. However, you would not be eligible for the waiver of the 90 day exclusion period. Also, your benefit payment may be affected in the event of a claim if the combined benefit from both policies exceeds 65% of your gross monthly income. Click here for information on having more than one policy at the same time.