Who are Paymentshield?
Paymentshield are underwritten by Norwich Union one of the UKs biggest insurers. So rest assured your policy will be in safe hands.

Can anyone apply?
Yes, providing you are:

- applying for, or have a, residential mortgage that is not in arrears by more than 3 months('Buy to Let' mortgages are excluded);
- over 18 and under 65 years of age;
- in full time employment or self employed for at least 6 consecutive months immediately prior to the start date;
- working and living in the United Kingdom, the Channel Islands or the Isle of Man.

You may also be eligible for continued cover if you worked and lived in the United Kingdom , the Channel Islands or the Isle of Man at the start date and you are subsequently posted to work outside the United Kingdom, the Channel Islands or the Isle of Man for:

- the British Armed Forces or as a civil servant in a British Embassy or Consulate; or
- your employer is a United Kingdom registered company and you are assigned to work within the European Union

Is there a 'wait' period before I can claim?
The 'wait' period before you can claim will depend on the type of cover you select and the provider you choose. The longer the wait period, the lower your monthly premiums will be. We offer a range of wait periods for you to choose:

- Back To Day One
- 30 day wait period
- 60 day wait period
- 180 day period

You can start claiming your Mortgage Payment Protection Insurance after the wait period you have selected is over, for sickness or accident as certified by your doctor. For an unemployment claim you cannot claim within the first 60, 90 or 120 days of the start date of your policy, but after that period you can also claim after the wait period you have selected has expired.

Is there a maximum monthly benefit limit?
Yes, the monthly benefit chosen must not exceed:

- the amount of the monthly repayment under the mortgage agreement, together with;
- an amount in respect of mortgage - related outgoings which must not exceed the greater of either:
- the amount of your mortgage payment plus 33%
- the maximum monthly benefit payable under this policy is £3,000 or 75% of your gross monthly income, whichever is less.

How long can I claim for?
You can continue to claim for up to a up to 12 or 24 months dependant on provider

Is there anything I won't be covered for?
The main instances when you will not be covered are:

- a self-inflicted injury, being under the influence of, alcohol or drugs;
- any condition, injury, illness, disease, sickness or related condition which you knew about (or ought reasonably to have known about) at the policy start date; or, for which you sought or received advice, treatment or counselling from any doctor during the 12 months immediately before the policy start date;

This exclusion does not apply if you have been continuously insured and you have been symptom free and have not consulted a doctor or received treatment for the condition in the 12 months immediately prior to your claim.
- normal pregnancy, miscarriage or abortion
- any condition of a mental or nervous origin unless certified and under the continuing care of a consultant psychiatrist;
- backache or related conditions unless there is supporting medical evidence. Such evidence may be a report from an appropriate consultant or from your doctor in either case an MRI, CT scan or equivalent, may be required
In addition, in the case of a disability claim you must:

(i) be under the regular care and attendance of your doctor; and

(ii) be prevented from working only as a result of the disability.

If you have also selected unemployment cover the main instances when you will not be covered are:

(i) unemployment resulting from any condition excluded under the disability exclusions;

(ii) if at the start date you knew you would become unemployed or you had reason to believe that you might become unemployed;

(iii) if you are made unemployed or are told that you will be made unemployed within 60, 90 or 120 days of the start date dependant on provider.

(iv) if your work was seasonal, casual or temporary or unemployment is a regular feature of your work;

(v) if you resign or you accept voluntary unemployment;

(vi) if you lose your job because of misconduct, fraud or dishonesty.

Do I have to have a medical?
No medical underwriting is done and the policies come with automatic acceptance

« Back