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Mortgage Protection Insurance
Protects your monthly mortgage repayments from only £2.23 per £100 pm benefit...
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Protection Insurance
Mortgage Payment Protection is used to cover your monthly mortgage repayments but Monster Insurance also allow you to have an additional 25% of that amount to cover other household bills.
You may only protect an amount up to 50% of your gross monthly income to a maximum monthly benefit of £1,500. The payments are tax free and no medicals are required. Smoking and drinking habits do not make you ineligible.
You can increase or decrease your monthly benefit should your mortgage amount change but always within the benefit amount allowable to your circumstances. It is worthwhile therefore to keep reviewing your policy to ensure that in the event of a claim you can receive the maximum amount allowed or conversely that you are not paying premium for benefits that exceed 50% of your gross monthly income to a maximum of £1,500 monthly benefits.
The length of time that you are paid in the event of a claim is determined by the benefit period you choose and we offer periods of 3, 6, 9 or 12 months and you can continue to receive payments for this period whilst you remain unable to work and comply with the other criteria of the policy. Mortgage Payment Protection can offer you a lifeline if you unexpectedly find yourself without your income and will allow you to continue to meet your mortgage repayments.
Income Protection Insurance
Income Protection Insurance (ASU) covers a percentage of your income and is paid directly to you and you choose how to spend it. It can provide for any monthly repayment such as loan, mortgage, rent, credit cards, school fees, food, gas and electricity and removes the need for separate cover. It requires just one policy for your whole working life. Income Protection Insurance (ASU) replaces your income if you become unable to work due to an accident, sickness or if through no fault of your own you become unemployed. The insurance can continuously pay you the covered amount until you return to work or until the claims period chosen by you (benefit period) comes to an end. Some commentators suggest that income payment protection insurance (ASU) more accurately describes this cover as it is designed to enable you to keep up all your monthly expenses. Income protection insurance (ASU) it is not tied to any mortgage or loan, in fact you do not need to have a loan or mortgage to take income protection insurance but you must have an income. The monthly benefits are tax free so when calculating the amount of income protection you need you should compare the benefits the insurance would provide with your take home pay.
Protect all or any of your monthly outgoings including LOANS
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Protection Insurance
Loan Protection Insurance
Loan payment protection insurance covers your monthly personal loan repayment or combined monthly personal loan repayments and up to an extra 25% on top of that to help you pay your monthly expenses should your income dry up due to accident, sickness or unemployment. The loan protection insurance figure is based on personal loan repayments you make to one or more official loan providers rather than casual loans with for example family or acquaintances and you may be asked to provide evidence of your personal loans in the event of a claim. A maximum of 25% extra can be added to your loan protection figure but you would not be required to prove how that additional sum might be spent.
This stand-alone product provides a viable alternative to loan payment protection insurance supplied by lenders. Your lender is no longer allowed to offer loan payment protection insurance as a condition of the loan so you are free to buy alternative cover from elsewhere. Personal loans are fixed sum amounts payable over a fixed time e.g. 60 months. If you have credit cards and wish to insure your outstanding balance, please note that we do not provide that type of cover. However if you take our loan payment protection insurance you could use the extra 25% facility to help repay your monthly credit card payments.
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