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Morgage Protection Insurance Jargon Buster
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FINANCIAL SERVICES AUTHORITY
FIUK.com Ltd., trading as AntInsurance, are authorised and regulated by the Financial Services Authority. Our FSA number is 313773 and our registered address is Century House, Station Way, Cheam, Surrey SM3 8SW.
FIREMAN - Eligibility for Accident & Sickness
Some Public Sector workers, such as Firemen, have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please see the specialist policy designed for Public Sector Workers linked from the Home Page.
FIXED TERM CONTRACT - if applicable
To be eligible to apply for mortgage protection insurance you must meet the eligibility criteria as for employees but in order to apply for mortgage protection insurance cover under the unemployment section you must meet the following criteria:
At the start date of the policy you must have been working for the same employer for at least 6 months and had your contract renewed at least once. We will then consider a claim only if your current contract is terminated prior to its expiry date. In addition, any monthly benefit will only be paid until that contract would have expired.
However, if at the start date of the mortgage protection insurance policy you have been working for the same employer for at least two years and have an annual contract, which has been renewed at least once and has at least six months remaining, we will consider any claim as if you had been in permanent employment.
Unemployment Exclusion:
If your contract would have expired.
How does Mortgage Protection work? Being unable to work, and the loss of income that incurs, is likely to affect your mortgage repayments. Mortgage protection insurance is designed to allow you to continue your monthly mortgage repayments and thereby safeguard your home until you are able to return to work.
Under a mortgage protection policy, you pay regular premiums to an insurance company and subject to certain conditions they agree to pay you a monthly benefit if you are unable to work due to accident, sickness and unemployment. Mortgage Protection insurance polices may be offered as Combined Accident, Sickness, Unemployment Only or Accident & Sickness Only, and you may choose dependent on your own individual requirements.