A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Morgage Protection Insurance Jargon Buster
B
BACK TO DAY 1
This means that you can make a mortgage protection insurance claim after just 30 or more consecutive days of not working through accident, sickness or unemployment. The mortgage protection insurance claim will then be backdated to the first day of the claim.
For example, if your mortgage protection insurance claim starts on the 1st June and you return to work on the 30th June no benefit is payable. However, if this claim extends until the 1st July or later (30 or more consecutive days) then you will receive benefit dating back to the first day of your mortgage protection insurance claim (i.e. 1st June).
Back to day 1 cover should not be confused with the initial exclusion period. For the first 90 days immediately after the start date of the policy you will not be able to make a mortgage protection insurance claim for unemployment (this does not apply to accident or sickness). This exclusion period may be waived if you transfer from an existing payment protection product. (See “T” for Transferring In).
BACKACHE
You will not receive incapacity benefit for;
Backache and related conditions, including back injuries, which are not supported by medical evidence.
BENEFIT LIMIT
The maximum monthly benefit payable under our policy is 100% of your monthly mortgage payment but you may additionally add on 25% extra to cover associated mortgage costs such as building insurance or endowment payment so your total could be 125% of your monthly mortgage repayment. The combined total must not exceed 75% of your net monthly income or £1,500 whichever is the lesser.
BENEFIT PERIOD (3, 6 or 12 months)
Depending on your choice of benefit period this is the maximum length of time we will pay you for any one period of your mortgage protection insurance claim or until you return to work which ever come first. You can make multiple mortgage protection insurance claims, subject to re-qualification, (see Multiple Claims) for the life of the policy or until you cancel it.