Mortgage Payment Protection Insurance
From £2.06 per month, per £100 of cover
A safety net for your commitments. From only £2.06 per month
Our Mortgage Payment Protection Insurance starts at £2.06 per month, per £100 of cover, providing up to £2,000 monthly benefit.
Click the tabs for a detailed breakdown of cover.
| Buildings Insurance (if selected) | Buildings Insurance (if selected) |
|---|---|
| Sum insured | £500,000 or £1 million |
| Accidental damage to glass/sanitary ware etc | Included as standard |
| Accidental damage to underground drains etc | Included as standard |
| Property owners’ liability | £2,000,000 |
| Alternative accommodation | 20% of the sum insured, up to 24 months |
| Tracing the source of escaped water/oil | £5,000 |
| Escape of metered water charges | £1,500 |
| Replacing locks – loss/theft of keys | £750 |
Mortgage Payment Protection Insurance (MPPI)
Our MPPI policy is designed to protect mortgage payments, rent payments or loan payments in the event of unforeseen unemployment or after suffering an accident or sickness.
There are three types of cover available:
- Unemployment only cover.
- Accident & sickness only cover.
- Combined accident, sickness and unemployment cover.
What this policy offers:
- Cover up to the combined amount of the mortgage payment (including Life cover and Home insurance), rental payment and/or loan payments, plus 25% extra cover (subject to maximum limits).
- Flexible waiting periods before receiving benefit (known as the qualification period).
- Option for payments to be made ‘Back to Day 1’ from the date of unemployment or accident and sickness.
- Benefits payable for up to 6 or 12 months in the event of a claim.
- Cover available for those transferring like-for-like cover from an existing provider – with no initial exclusion period.
- The premium will not increase during the 12 month term.
Please refer to the Policy Documents for the full terms and conditions.
Transferring cover from another provider
MPPI can be transferred from another provider to 3XD with continuity of cover – providing that the previous policy has been held for at least six months and no claims have been made under the previous policy in the two years before the new 3XD policy start date.
Existing mortgage borrowers are normally subject to an initial exclusion period for Unemployment cover but, when transferring cover, we will waive the initial exclusion period if the cover is like for like. For example, if the amount of cover is increased, 3XD would only pay a claim which occurs during the exclusion period for the amount originally insured.
If any medical conditions developed during the previous policy or there is a threat to job security, a policy cannot be considered for transfer with continuity of cover.
Flexibility
The policy is flexible so where both unemployment and accident & sickness is insured, different qualification periods are available for each element of cover.
Initial exclusion period
You cannot make a claim for unemployment if you become unemployed within the initial exclusion period or you were told about unemployment within the initial exclusion period, even if your unemployment only begins after the initial exclusion period has ended.
The initial exclusion period is a period of 90 days after the start date of your insurance.
Please refer to the Policy Documents for the full terms and conditions.
Single & Joint Cover
If a mortgage, rent agreement or loan is in a sole name, single cover is available to insure the whole monthly payment.
If a mortgage, rent agreement, or loan is in joint names, there are the following options:
- The main income earner can take out single cover to insure the whole monthly payment.
- The secondary income earner can only insure a proportion of the whole monthly payment. This must be the same as the proportionate contribution made to the combined income, and will be assessed at the time of any claim.
- If both parties to the mortgage, rent agreement or loan are eligible for cover, split cover in joint names is available to insure the whole monthly payment. If one person makes a claim, this policy will only pay out part of the monthly benefit in proportion to the average gross monthly incomes, calculated over the 12 months immediately prior to the claim period.
If there are different people named on separate agreements, a separate policy for each agreement is needed.
Please refer to the Policy Documents for the full terms and conditions.
