7 disability insurance myths to stop believing now, mortgage disability insurance.#Mortgage #disability #insurance


7 disability insurance myths to stop believing

Disability insurance can be a life saver. Here s how it works

Mortgage disability insurance

February 8th, 2017

Mortgage disability insurance

Disability insurance can be a tricky topic. And if you re not reading the fine print, you could be relying on inaccurate myths when making the key decision of deciding how much you ll need. Luckily insurEye, a Canadian insurance education site, has compiled a list of several disability myths that need to be busted. We ve picked seven that we think are most prevalent and need the most clarity.

1. MYTH: I do not need disability insurance; the chances of something happening to me are very low.

FACT: The chances of getting disabled are much higher than chances of getting into a car accident or having your house burned down. There is a 25% chance that a 20-year-old person will be disabled during his/her career. I am sure you have home insurance. What is the justification for not having disability insurance?

2. MYTH: My insurance at work covers me should something happen to me.

FACT: It depends on what protection is in place. If your employer has Workers Compensation in place, you are offered that if you are injured in the course of your work. But you need to know, that the chances of getting disabled at work typically are lower than outside of work—your employer wants to minimize chances of you being disabled. Some sources indicate that as many of 90% of disability cases originate from outside of your workplace. If your employer also has a group disability policy in place, it covers you outside of work, but this coverage ends when you leave your employer.

3. MYTH: Workers compensation always pays in full for your disability.

FACT: That is not always true. First, your company should have WSIB coverage, but that might not always be the case with smaller companies or start-ups. Workers Compensation can cover only a part of your earnings prior to the accident and some additional medical expenses, including prescription drugs, medical treatments, chiropractic, physiotherapy, rehabilitation and training.

4. MYTH: The more disability policies you have the better—should something happen to you because you will be able to cash out all of them.

FACT: Your disability policies are linked to your income, meaning that the value you can get from all of them is capped and will not provide you with a luxury existence. Unlike critical illness insurance policies, disability insurance policies are not stackable. Usually, you will be covered for a certain percentage of your income, such as 50% to 70%.

5. MYTH: If I have a group disability insurance policy at work, I do not need an individual disability policy.

FACT: Although it is a great protection mechanism, you need to understand its exact conditions, what the coverage provides and the percent of your salary it covers. Many companies would also have Workers Compensation in place; that is another security net. Nevertheless, you need to remember that if you lose or change your job, you will not be protected—that s where individual disability insurance kicks in.

6. MYTH: Disability insurance works similarly to life insurance—once you are disabled, you will get a lump sum.

FACT: Disability insurance is different from life insurance. It does not pay a one-time lump sum but offers regular payments while you are disabled, substituting your income or a part of it depending on the policy you have.

7. MYTH: If I become disabled, my disability payments start immediately.

FACT: Many disability contracts do not get paid out within the initial 120 days, since the company needs to decide on each case.


Disability Insurance at Work, MetLife, mortgage disability insurance.#Mortgage #disability #insurance


Disability Insurance

Available through the workplace, disability insurance helps cover your expenses if you become unable to work due to illness or injury.

Short Term Disability Insurance

Long Term Disability Insurance

Mortgage disability insurance

Disability Insurance Calculator

Mortgage disability insurance

Disability Insurance FAQs

Mortgage disability insurance

Log in to MyBenefits

The definition of disability will vary depending on your employer’s plan. Some policies consider you disabled when you’re unable to perform your job duties, while others pay only if you’re unable to perform in any job suitable for you based on your training, education and experience. Other policies require that you not be gainfully employed while you’re collecting benefits or that you are unable to earn a certain percentage of your pre-disability income because of injury or sickness.

There are some policies that will pay you a portion of your total disability monthly benefit amount if you have lost a part of your income due to a disability. Other policies and plans may include a rehabilitation provision that requires you to take part in a vocational rehabilitation program in order to continue to receive benefits.

Keep in mind that many policies and plans have exclusions and limitations and may not fully cover certain disabilities and pre-existing conditions. Benefits differ from company to company, so speak with your benefits administrator for your workplace’s complete plan details.

Benefits may begin after you have met an elimination period – a plan-defined period of time, starting with the date you are disabled from work and the number of days you must continue to be disabled until benefits may begin. Most group long term disability plans have an elimination period of 90 days or 180 days. Under most group plans, generally the employer selects the elimination period.

When you choose disability coverage, consider how long you can manage without a paycheck. If you have significant savings, you may be willing to choose a longer elimination period. Typically, the longer the elimination period, the lower the premium.

With most group disability plans, the employer selects the maximum duration of benefits. The most frequently offered maximum benefit periods are two years, five years, and to age 65. Policies with shorter maximum benefit periods typically have lower premiums.

Disability coverage that replaces at least 60 percent of your after-tax income is generally recommended.

To estimate the benefit amount you would need if you became disabled, ask yourself how much monthly income would cover your living expenses. Household expenses may include mortgage and car payments, groceries and child care. Consider all these factors to help you come up with an appropriate amount.

The MetLife Disability Calculator is another handy resource you can use to estimate the amount of disability insurance income you would need to help maintain your current standard of living.

Social Security disability benefits may be available to eligible individuals who experience a disability that is expected to last longer than one year, in addition to other requirements. Social Security disability benefits are not intended for temporary conditions. You should also note that Social Security’s disability rules are different from those of other government or private programs. For more information on Social Security disability benefits eligibility, visit the Social Security Administration’s website at www.ssa.gov.

Check with your workplace benefits specialist to find out if your company offers group disability insurance, and if you are eligible. If so, your benefits administrator can provide you with plan details.

You will need written proof of your disability from your treatment provider(s) to file a claim. You may also need to provide additional medical records concerning the details of your disability. Your insurer may also want you examined at their cost and/or may require financial information from you. Please see your company’s benefits administrator for details.

MetLife offers various ways to submit your claim based on your plan, including online, mail, phone and fax options. Plus, you can count on MetLife to provide caring, compassionate and accurate claims service if and when you experience a disability.


The basics of long-term disability insurance, mortgage disability insurance.#Mortgage #disability #insurance


The basics of long-term disability insurance

By Insure.com – Last updated: June 3, 2016

You might think your risk of becoming disabled is nil, unless you have a dangerous job or you re a daredevil on weekends.

But about one in four of today s 20-year-olds have a chance of becoming disabled sometime before they retire. The average long-term disability absence from work lasts 34.6 months almost three years, according to the Council for Disability Awareness. That’s a long time to survive without a steady income.

Musculoskeletal and connective tissue disorders — including neck and back pain, joint, muscle and tendon disorders and foot, ankle and hand disorders — were the leading cause of new long-term disability claims in 2013, according to the council s review of claims data. Cancer ranked second among the primary causes.

A disability can strip you of your ability to make a living. While some people can tap into their savings to get by without working for a few months, few people can afford to stop working altogether for a longer period of time.

That’s where long-term disability insurance can help. Long-term disability policies provide you with income for an extended period. Most people who have long-term disability insurance get it through their employers, although you can buy individual long-term disability insurance on your own.

Long-term disability insurance explained

Long-term disability coverage picks up where short-term disability insurance leaves off. See these basics of short-term disability insurance for an overview.

Once the short-term benefits expire (generally after three to six months), long-term disability insurance pays a percentage of your salary, usually 50 to 60 percent, depending on the policy. The benefits last until you can go back to work or for the number of years stated in the policy.

Some policies pay out as long as you are disabled until age 65. The average annual premium for a new group long-term disability policy in 2013 was $226 per person, according to Gen Re s 2013 U.S. Group Disability and Group Term Life Market Survey.

If you pay your own premiums with after-tax dollars, your disability benefits will be tax-free. If your employer pays for the policy, most likely with pre-tax dollars, you ll have to pay income taxes on the benefits.

Most disability insurers will work with employers to help you return to work as quickly and safely as possible. While disability insurers want to see people healthy and rehabilitated, they also save money if a claimant quickly returns to work.

You’ll most likely find your disability insurer managing the claim if you are “partially disabled” — meaning you can still work but only in a job that pays substantially less. In cases where you re only able to earn less than 20 percent of what you previously made, you ll likely get full disability benefits that are based on your pre-disability income.

For example, if you worked in a warehouse and earned $40,000 annually, then hurt your back and had to take a part-time desk job that paid less than $8,000 a year, your long-term disability policy likely would pay you full benefits based on your pre-disability wages of $40,000. If the full benefit was 60 percent, you would get 60 percent of $40,000, or $24,000.

If, however, you were able to earn between 20 and 80 percent of your pre-disability income, you d get a proportionate amount of income based on the percent you could earn. If you can earn more than 80 percent of your pre-disability income, most insurers do not consider you disabled.

Causes of new long-term disability claims

Musculoskeletal/connective tissue disorders: 28.6 percent

Cancer: 15.1 percent

Injuries and poisoning: 10.3 percent

Cardiovascular/circulatory: 8.7 percent

Mental disorders: 8.3 percent

Nervous system-related: 7.7 percent

Pregnancy and childbirth complications: 5.9 percent

Other: 15.4 percent

Source: 2014 Council for Disability Awareness Long-Term Disability Claims Review, based on 2013 claims.

A few insurers offer a dependent care reimbursement benefit, meaning they also reimburse the employee for child care expenses if the employee’s spouse must go back to work as a result of the disability.

If you become disabled and begin receiving benefits, you will no longer have to pay premiums. Most policies contain a “waiver of premium” provision that states you can stop paying premiums if you are disabled for 90 days or longer.

Buying individual disability insurance

If your employer does not offer group disability insurance, or if you think your group policy does not provide adequate coverage, you may want to consider buying an individual long-term disability policy. You can buy this through financial planners, the same agents who sell you life insurance or annuities, or sometimes through your mortgage company.

Most policies are sold on a “non-cancellable” or a “guaranteed renewable” basis, according to the Insurance Information Institute (III). With a non-cancellable policy (which requires an initial medical exam), the insurer cannot cancel the coverage or raise your premiums. If you buy a policy on a guaranteed renewable basis, the insurer cannot cancel the coverage as long as you pay premiums, but it can raise rates on a class or group of insured people who have the same policy, work at the same place or share another, non-risk-associated characteristic.

According to the III, most individual policies also have features that allow benefits to keep pace with inflation or gradual salary increases, such as a cost of living adjustment, which adds a percentage to your benefit each year.

Disability insurance is an important piece of your insurance portfolio that will help protect you during life’s unexpected events. If you are dependent on your working income, make sure it is protected.

  • Mortgage disability insurance
  • Mortgage disability insurance
  • Mortgage disability insurance
  • Mortgage disability insurance

Disability Insurance at Work, MetLife, mortgage disability insurance.#Mortgage #disability #insurance


Disability Insurance

Available through the workplace, disability insurance helps cover your expenses if you become unable to work due to illness or injury.

Short Term Disability Insurance

Long Term Disability Insurance

Mortgage disability insurance

Disability Insurance Calculator

Mortgage disability insurance

Disability Insurance FAQs

Mortgage disability insurance

Log in to MyBenefits

The definition of disability will vary depending on your employer’s plan. Some policies consider you disabled when you’re unable to perform your job duties, while others pay only if you’re unable to perform in any job suitable for you based on your training, education and experience. Other policies require that you not be gainfully employed while you’re collecting benefits or that you are unable to earn a certain percentage of your pre-disability income because of injury or sickness.

There are some policies that will pay you a portion of your total disability monthly benefit amount if you have lost a part of your income due to a disability. Other policies and plans may include a rehabilitation provision that requires you to take part in a vocational rehabilitation program in order to continue to receive benefits.

Keep in mind that many policies and plans have exclusions and limitations and may not fully cover certain disabilities and pre-existing conditions. Benefits differ from company to company, so speak with your benefits administrator for your workplace’s complete plan details.

Benefits may begin after you have met an elimination period – a plan-defined period of time, starting with the date you are disabled from work and the number of days you must continue to be disabled until benefits may begin. Most group long term disability plans have an elimination period of 90 days or 180 days. Under most group plans, generally the employer selects the elimination period.

When you choose disability coverage, consider how long you can manage without a paycheck. If you have significant savings, you may be willing to choose a longer elimination period. Typically, the longer the elimination period, the lower the premium.

With most group disability plans, the employer selects the maximum duration of benefits. The most frequently offered maximum benefit periods are two years, five years, and to age 65. Policies with shorter maximum benefit periods typically have lower premiums.

Disability coverage that replaces at least 60 percent of your after-tax income is generally recommended.

To estimate the benefit amount you would need if you became disabled, ask yourself how much monthly income would cover your living expenses. Household expenses may include mortgage and car payments, groceries and child care. Consider all these factors to help you come up with an appropriate amount.

The MetLife Disability Calculator is another handy resource you can use to estimate the amount of disability insurance income you would need to help maintain your current standard of living.

Social Security disability benefits may be available to eligible individuals who experience a disability that is expected to last longer than one year, in addition to other requirements. Social Security disability benefits are not intended for temporary conditions. You should also note that Social Security’s disability rules are different from those of other government or private programs. For more information on Social Security disability benefits eligibility, visit the Social Security Administration’s website at www.ssa.gov.

Check with your workplace benefits specialist to find out if your company offers group disability insurance, and if you are eligible. If so, your benefits administrator can provide you with plan details.

You will need written proof of your disability from your treatment provider(s) to file a claim. You may also need to provide additional medical records concerning the details of your disability. Your insurer may also want you examined at their cost and/or may require financial information from you. Please see your company’s benefits administrator for details.

MetLife offers various ways to submit your claim based on your plan, including online, mail, phone and fax options. Plus, you can count on MetLife to provide caring, compassionate and accurate claims service if and when you experience a disability.


Mortgage, Income & Loan Payment Protection Insurance Provider: Paymentcare UK, mortgage disability insurance.#Mortgage #disability #insurance


Homeowners Income Protection Insurance

What does Homeowners Income Protection Insurance do?

It can provide you with a proven means to help you keep paying your bills and maintain your lifestyle and any financial commitments by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Homeowners Income Protection is designed to help pay your financial commitments in the event of Accident, Sickness and Involuntary Unemployment.

Simply choose the type of cover you require:

ASU – Accident, Sickness Unemployment

AS – Accident Sickness only

U Unemployment only

Mortgage Payment Protection Insurance

  • Your mortgage paid if you can’t work
  • Premiums refunded during claims
  • Unemployment Exclusions waived* when you Switch
  • Great value Customer feedback

Discover More

What does Mortgage Payment Protection Insurance do?

It can provide you with a proven means to help you keep paying your mortgage and other associated household bills on the property that is your main residence by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Mortgage Payment Protection Insurance (MPPI) is sometimes referred to as (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

We believe our Mortgage Payment Protection Insurance policy offers UK homeowners complete peace of mind protection at the best possible price.

Simply choose the type of cover you require:

ASU – Accident, Sickness (Disability) Unemployment

AS – Accident Sickness (Disability) only

U Unemployment only

Loan Payment Protection Insurance

  • Unemployment Exclusions waived* when you Switch
  • Benefits paid even if you’re being paid Sick Pay/SSP
  • Premiums paid monthly
  • Monthly benefits of up to 1500

Discover More

What does Loan Payment Protection Insurance do?

It can provide you with a proven means to help you keep paying your monthly repayments on any personal loans you have by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt and falling behind with your monthly repayments should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Loan Payment Protection Insurance is sometimes referred to as (PPI) or (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

PPI has had a bad press over the past few years because many banks and lenders generally mis-sold what was know a s a single premium policy which had to be paid for up front (often for several years at a time) to people who didn t want the cover or know that they had been charged for it! It really has been a case of the policy being hijacked by these unscrupulous lenders rather than it being a bad type of insurance per se.

Simply choose the type of cover you require:

ASU – Accident, Sickness (Disability) Unemployment

AS – Accident Sickness (Disability) only

U Unemployment only

Credit Card Payment Protection Insurance

  • Benefits paid even if you’re being paid Sick Pay/SSP
  • Premiums refunded during claims
  • Easy application process
  • Maximum 5000 coverage

Discover More

What does Credit Card Payment Protection Insurance do?

Credit Card Payment Protection Insurance (CCPPI) is also referred to as Payment Protection Insurance (PPI), and like PPI, it has been in the news headlines over the past few years, as the extortionate premiums charged by some credit card companies and store cards has been exposed as a complete rip off. With the worst offenders only paying 3% of a customer s outstanding balance in the event of having to claim due to Accident, Sickness (Disability) or Involuntary Unemployment.

Payment Protection Insurance specifically for UK credit cards has always only ever been available from the card providers themselves and that s why Paymentcare s Credit Card Payment Protection policy offers UK card holders a great alternative. Customers simply select an amount between 1000 and 5000 that best reflects the average outstanding balance across their credit card(s), you can cover as many as you like up to the policy limit as long as you do not exceed 50% of your monthly salary.

So what s Unique about Credit Card Protection?

UK s lowest cost stand alone credit card cover per 100 of outstanding balance at only 0.55. True protection when you need it most unlike every other credit card payment protection insurance you do not pay for the insurance during a claim period.

How Does it Work?

Choose the level of cover that s closest to your average monthly outstanding credit card balance(s) between 1000 and 5000.

Cover as many of your credit cards as you wish. The minimum cover amount is 1000 and the maximum is 5000 in total.

e.g. Assuming you have an average monthly outstanding balance of 5000 on your credit card(s) we pay 10% = 500 per month during a claim period, for up to a maximum of 10 months.

Want to switch your existing Policy to us?

It’s FREE & EASY to switch an existing policy to Paymentcare with NO PENALTIES.

Can I transfer cover from another Mortgage (MPPI) / Loan / Homeowners Income Protection Insurance provider?

Yes it’s easy to transfer cover, provided you are eligible for the policy and can meet a few simple conditions.

Great news. we also waive the initial exclusion period (this is the period of time where you cannot claim for involuntary unemployment) which applies at the start of a policy, provided that you meet these conditions:

  • There is no break in cover, between your existing policy and your new policy with us.
  • Your existing policy has been in force for at least six months.
  • The benefit of your new policy is the same as on your existing policy. You can increase the amount, but the initial exclusion period will apply to the increased amount you request.
  • The cover is on a like for like basis (the same level of cover).
  • You must be claim free under your existing policy.
  • Any pre-existing medical conditions that are excluded under your existing policy will also be excluded under your new policy.
  • We request that you send a copy of your existing certificate of insurance. THIS WILL BE REQUIRED IN THE EVENT OF ANY FUTURE CLAIM ON YOUR NEW POLICY.

Do NOT cancel your existing policy until you have received your new policy documents confirming cover with ourselves. Then you should inform your existing insurer.

Can I transfer cover from another Credit Card Protection Insurance provider?

We are not aware of any other stand alone credit card protection insurance provider! If you meet the eligibility criteria and you deem that the policy meets your demands and needs and you would like to apply for cover, instead of paying over the odds to your credit card company, then of course you may submit an application.


Ask the Expert: Does mortgage insurance make sense? Dec, mortgage disability insurance.#Mortgage #disability #insurance


mortgage disability insurance

December 19, 2003: 9:31 AM EST

By Walter Updegrave, CNN/Money contributing columnist

Mortgage disability insurance

NEW YORK (CNN/Money) – I am being offered mortgage protection insurance. Is it worth the cost?

— James Lawrence, Tampa, Florida

Before I answer your question, let’s be sure we’re both talking about the same type of mortgage insurance. There are actually two kinds, and they provide very different types of coverage.

First, there is the type known as private mortgage insurance, or PMI as it’s known in lending circles.

If you are buying a home and putting up a downpayment of less than 20 percent of the home’s value, then generally you don’t have a choice of whether to buy this type of insurance. The lender requires it.

Why? Because PMI isn’t there to protect you — it’s there to protect the insurer in the event you default on your home loan and the lender isn’t able to re-sell your home for enough money to pay off the mortgage.

The cost of PMI varies, but a rule of thumb is about one half of one percent of the loan amount.

So if you’re buying a house for, say, $150,000 and putting 10 percent down ($15,000), the annual cost of PMI on your $135,000 mortgage might run $675 a year, or $56.25 a month.

In years past, some lenders would continue to collect PMI premiums even after the mortgage balance had fallen to well below 80 percent of the home’s original value. But Congress passed the Homeowners Protection Act of 1998, which allows homeowners to request that the lender cancel PMI when the mortgage loan-to-value ratio falls to 80 percent and requires the lender to cancel it when the ratio falls to 78 percent.

By the way, appreciation in the home’s value isn’t taken into account in calculating this ratio — only the decline in the mortgage balance counts.

There are also some other qualifications that may affect your ability to cancel PMI. For more on what the bill requires of you and the lender, click here.

Mortgage life insurance

The second type of mortgage insurance is the type that usually goes by the name mortgage life insurance.

Here, you’re being offered the chance to buy an insurance policy that will repay your mortgage in the event of your death, disability or some incapacitating disease.

Mortgage disability insurance

This offer — typically by mail — often comes from your lender or an insurance company affiliated with that lender.

This type of insurance is purely voluntary, however, so the question is, should you buy?

Generally, I’d say the answer is no.

It rarely makes sense to buy insurance for narrow reasons — to insure against a specific disease or a single calamity or to provide funds to pay off a single liability, in this case your mortgage.

In the case of life insurance, for example, you’re much better off analyzing your overall insurance need based on what kind of liabilities your spouse or other dependents would face and how much income they would have to replace if you were gone, and then buying enough insurance to meet that need.

Fact is, if you died tomorrow, your dependents would need to replace your income for a variety of reasons, not just to pay the mortgage.

Indeed, it might not even make sense to pay off the mortgage. Your spouse or other survivors might be better off continuing to pay the loan — assuming that’s possible — and putting insurance proceeds to other purposes.

In other words, you should take your overall financial picture into account when buying life insurance.

And the way you should do that is to have a financial planner or life insurance agent perform what’s known as a “needs analysis.” You can also use any one of a number of insurance needs calculators online, including the calculators at The Life and Health Insurance Foundation for Education site and TIAA-Cref site.

Of course, that leaves the question of what type of insurance you should buy — whole life, term, etc. — and the issue of how to shop for the best price for a policy.

For more on those topics, see a column I wrote last year called “Life insurance made easy.”

The same goes for disability insurance. You should consider a long-term disability insurance policy not just because you have an outstanding mortgage, but because you would likely need to generate income for a variety of reasons even if you were disabled and unable to work. For more on choosing a disability policy, click here.


Should you buy mortgage protection insurance, mortgage disability insurance.#Mortgage #disability #insurance


Should you buy mortgage protection insurance?

After you buy a home, you’ll start getting letters in the mail imploring you to purchase mortgage protection insurance.

After all, how will your family afford to keep living in the house if the primary breadwinner dies unexpectedly, becomes seriously disabled or gets laid off? You need a policy that will pay off your loan in case such a tragedy occurs.

Mortgage protection insurance is just a specialized life insurance product.

In the event you die, become disabled and can’t work, or lose your job, the policy will pay your loan.

Death will trigger a full and near-immediate payoff; unemployment or disability will provide a monthly benefit to keep your payments current. But it might have a waiting period before benefits begin as well as a limited number of months for which benefits will be paid.

Some policies cover all three of these events; others only cover one or two.

The policy’s cost is based on the amount of your home loan, your age, your health and sometimes your occupation. Underwriting standards are less stringent than those for regular life and disability insurance, so this product can make sense for people who are difficult to insure.

NAA Life’s product, for example, does not require a medical exam — a common requirement for disability and life insurance policies.

This type of insurance pays your lender directly. Other life insurance policies pay your beneficiary (and disability policies pay you), which provides flexibility with how the proceeds can be used.

For example, if a breadwinner dies unexpectedly, paying off your home loan immediately is not necessarily the best strategy.

Holding on to the money and investing it at a higher rate of interest than the mortgage rate while continuing to pay the loan and get the tax deduction might be a better strategy.

Don’t confuse this product, which protects your family and is optional, with private mortgage insurance, which protects the lender and is mandatory on low-down-payment loans.

If you think this will serve you better than a traditional life or disability policy, make sure to examine a copy of the policy and understand its exclusions and limitations before you sign up.


Mortgage, Income & Loan Payment Protection Insurance Provider: Paymentcare UK, mortgage disability insurance.#Mortgage #disability #insurance


Homeowners Income Protection Insurance

What does Homeowners Income Protection Insurance do?

It can provide you with a proven means to help you keep paying your bills and maintain your lifestyle and any financial commitments by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Homeowners Income Protection is designed to help pay your financial commitments in the event of Accident, Sickness and Involuntary Unemployment.

Simply choose the type of cover you require:

ASU – Accident, Sickness Unemployment

AS – Accident Sickness only

U Unemployment only

Mortgage Payment Protection Insurance

  • Your mortgage paid if you can’t work
  • Premiums refunded during claims
  • Unemployment Exclusions waived* when you Switch
  • Great value Customer feedback

Discover More

What does Mortgage Payment Protection Insurance do?

It can provide you with a proven means to help you keep paying your mortgage and other associated household bills on the property that is your main residence by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Mortgage Payment Protection Insurance (MPPI) is sometimes referred to as (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

We believe our Mortgage Payment Protection Insurance policy offers UK homeowners complete peace of mind protection at the best possible price.

Simply choose the type of cover you require:

ASU – Accident, Sickness (Disability) Unemployment

AS – Accident Sickness (Disability) only

U Unemployment only

Loan Payment Protection Insurance

  • Unemployment Exclusions waived* when you Switch
  • Benefits paid even if you’re being paid Sick Pay/SSP
  • Premiums paid monthly
  • Monthly benefits of up to 1500

Discover More

What does Loan Payment Protection Insurance do?

It can provide you with a proven means to help you keep paying your monthly repayments on any personal loans you have by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt and falling behind with your monthly repayments should the unthinkable happen to you.

The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

Loan Payment Protection Insurance is sometimes referred to as (PPI) or (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

PPI has had a bad press over the past few years because many banks and lenders generally mis-sold what was know a s a single premium policy which had to be paid for up front (often for several years at a time) to people who didn t want the cover or know that they had been charged for it! It really has been a case of the policy being hijacked by these unscrupulous lenders rather than it being a bad type of insurance per se.

Simply choose the type of cover you require:

ASU – Accident, Sickness (Disability) Unemployment

AS – Accident Sickness (Disability) only

U Unemployment only

Credit Card Payment Protection Insurance

  • Benefits paid even if you’re being paid Sick Pay/SSP
  • Premiums refunded during claims
  • Easy application process
  • Maximum 5000 coverage

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What does Credit Card Payment Protection Insurance do?

Credit Card Payment Protection Insurance (CCPPI) is also referred to as Payment Protection Insurance (PPI), and like PPI, it has been in the news headlines over the past few years, as the extortionate premiums charged by some credit card companies and store cards has been exposed as a complete rip off. With the worst offenders only paying 3% of a customer s outstanding balance in the event of having to claim due to Accident, Sickness (Disability) or Involuntary Unemployment.

Payment Protection Insurance specifically for UK credit cards has always only ever been available from the card providers themselves and that s why Paymentcare s Credit Card Payment Protection policy offers UK card holders a great alternative. Customers simply select an amount between 1000 and 5000 that best reflects the average outstanding balance across their credit card(s), you can cover as many as you like up to the policy limit as long as you do not exceed 50% of your monthly salary.

So what s Unique about Credit Card Protection?

UK s lowest cost stand alone credit card cover per 100 of outstanding balance at only 0.55. True protection when you need it most unlike every other credit card payment protection insurance you do not pay for the insurance during a claim period.

How Does it Work?

Choose the level of cover that s closest to your average monthly outstanding credit card balance(s) between 1000 and 5000.

Cover as many of your credit cards as you wish. The minimum cover amount is 1000 and the maximum is 5000 in total.

e.g. Assuming you have an average monthly outstanding balance of 5000 on your credit card(s) we pay 10% = 500 per month during a claim period, for up to a maximum of 10 months.

Want to switch your existing Policy to us?

It’s FREE & EASY to switch an existing policy to Paymentcare with NO PENALTIES.

Can I transfer cover from another Mortgage (MPPI) / Loan / Homeowners Income Protection Insurance provider?

Yes it’s easy to transfer cover, provided you are eligible for the policy and can meet a few simple conditions.

Great news. we also waive the initial exclusion period (this is the period of time where you cannot claim for involuntary unemployment) which applies at the start of a policy, provided that you meet these conditions:

  • There is no break in cover, between your existing policy and your new policy with us.
  • Your existing policy has been in force for at least six months.
  • The benefit of your new policy is the same as on your existing policy. You can increase the amount, but the initial exclusion period will apply to the increased amount you request.
  • The cover is on a like for like basis (the same level of cover).
  • You must be claim free under your existing policy.
  • Any pre-existing medical conditions that are excluded under your existing policy will also be excluded under your new policy.
  • We request that you send a copy of your existing certificate of insurance. THIS WILL BE REQUIRED IN THE EVENT OF ANY FUTURE CLAIM ON YOUR NEW POLICY.

Do NOT cancel your existing policy until you have received your new policy documents confirming cover with ourselves. Then you should inform your existing insurer.

Can I transfer cover from another Credit Card Protection Insurance provider?

We are not aware of any other stand alone credit card protection insurance provider! If you meet the eligibility criteria and you deem that the policy meets your demands and needs and you would like to apply for cover, instead of paying over the odds to your credit card company, then of course you may submit an application.


Disability Insurance at Work, MetLife, mortgage disability insurance.#Mortgage #disability #insurance


Disability Insurance

Available through the workplace, disability insurance helps cover your expenses if you become unable to work due to illness or injury.

Short Term Disability Insurance

Long Term Disability Insurance

Mortgage disability insurance

Disability Insurance Calculator

Mortgage disability insurance

Disability Insurance FAQs

Mortgage disability insurance

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The definition of disability will vary depending on your employer’s plan. Some policies consider you disabled when you’re unable to perform your job duties, while others pay only if you’re unable to perform in any job suitable for you based on your training, education and experience. Other policies require that you not be gainfully employed while you’re collecting benefits or that you are unable to earn a certain percentage of your pre-disability income because of injury or sickness.

There are some policies that will pay you a portion of your total disability monthly benefit amount if you have lost a part of your income due to a disability. Other policies and plans may include a rehabilitation provision that requires you to take part in a vocational rehabilitation program in order to continue to receive benefits.

Keep in mind that many policies and plans have exclusions and limitations and may not fully cover certain disabilities and pre-existing conditions. Benefits differ from company to company, so speak with your benefits administrator for your workplace’s complete plan details.

Benefits may begin after you have met an elimination period – a plan-defined period of time, starting with the date you are disabled from work and the number of days you must continue to be disabled until benefits may begin. Most group long term disability plans have an elimination period of 90 days or 180 days. Under most group plans, generally the employer selects the elimination period.

When you choose disability coverage, consider how long you can manage without a paycheck. If you have significant savings, you may be willing to choose a longer elimination period. Typically, the longer the elimination period, the lower the premium.

With most group disability plans, the employer selects the maximum duration of benefits. The most frequently offered maximum benefit periods are two years, five years, and to age 65. Policies with shorter maximum benefit periods typically have lower premiums.

Disability coverage that replaces at least 60 percent of your after-tax income is generally recommended.

To estimate the benefit amount you would need if you became disabled, ask yourself how much monthly income would cover your living expenses. Household expenses may include mortgage and car payments, groceries and child care. Consider all these factors to help you come up with an appropriate amount.

The MetLife Disability Calculator is another handy resource you can use to estimate the amount of disability insurance income you would need to help maintain your current standard of living.

Social Security disability benefits may be available to eligible individuals who experience a disability that is expected to last longer than one year, in addition to other requirements. Social Security disability benefits are not intended for temporary conditions. You should also note that Social Security’s disability rules are different from those of other government or private programs. For more information on Social Security disability benefits eligibility, visit the Social Security Administration’s website at www.ssa.gov.

Check with your workplace benefits specialist to find out if your company offers group disability insurance, and if you are eligible. If so, your benefits administrator can provide you with plan details.

You will need written proof of your disability from your treatment provider(s) to file a claim. You may also need to provide additional medical records concerning the details of your disability. Your insurer may also want you examined at their cost and/or may require financial information from you. Please see your company’s benefits administrator for details.

MetLife offers various ways to submit your claim based on your plan, including online, mail, phone and fax options. Plus, you can count on MetLife to provide caring, compassionate and accurate claims service if and when you experience a disability.


Should you buy mortgage protection insurance, mortgage disability insurance.#Mortgage #disability #insurance


Should you buy mortgage protection insurance?

After you buy a home, you’ll start getting letters in the mail imploring you to purchase mortgage protection insurance.

After all, how will your family afford to keep living in the house if the primary breadwinner dies unexpectedly, becomes seriously disabled or gets laid off? You need a policy that will pay off your loan in case such a tragedy occurs.

Mortgage protection insurance is just a specialized life insurance product.

In the event you die, become disabled and can’t work, or lose your job, the policy will pay your loan.

Death will trigger a full and near-immediate payoff; unemployment or disability will provide a monthly benefit to keep your payments current. But it might have a waiting period before benefits begin as well as a limited number of months for which benefits will be paid.

Some policies cover all three of these events; others only cover one or two.

The policy’s cost is based on the amount of your home loan, your age, your health and sometimes your occupation. Underwriting standards are less stringent than those for regular life and disability insurance, so this product can make sense for people who are difficult to insure.

NAA Life’s product, for example, does not require a medical exam — a common requirement for disability and life insurance policies.

This type of insurance pays your lender directly. Other life insurance policies pay your beneficiary (and disability policies pay you), which provides flexibility with how the proceeds can be used.

For example, if a breadwinner dies unexpectedly, paying off your home loan immediately is not necessarily the best strategy.

Holding on to the money and investing it at a higher rate of interest than the mortgage rate while continuing to pay the loan and get the tax deduction might be a better strategy.

Don’t confuse this product, which protects your family and is optional, with private mortgage insurance, which protects the lender and is mandatory on low-down-payment loans.

If you think this will serve you better than a traditional life or disability policy, make sure to examine a copy of the policy and understand its exclusions and limitations before you sign up.