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Homeowners Income
Protection

 

  • What is Homeowners Income Protection Insurance?

    Paymentcare Homeowners Protector is designed to ensure that your normal monthly commitments are taken care of each month in the event that you are off work as a result of an Accident, Sickness or involuntary Unemployment / involuntary redundancy.

  • Why would I need Homeowners Income Protection Insurance?

    If you were off work through a serious accident or for a period of sickness how would you maintain your monthly commitments? What if it was announced that you were to be made unemployed as a result of involuntary redundancy? Would you have enough savings to cover your loss of income?

  • Can I transfer an existing Homeowners Protection policy to Paymentcare?

    If you have an existing policy with another provider, you can apply to transfer your cover to this policy if you feel the policy we offer meets your demands and needs and you meet the eligibility requirements. You MUST be a homeowner to apply.

  • What is the difference between Short term Income Protection and Mortgage Protection?

    Mortgage Payment Protection is considered a lower risk as it is linked to an existing mortgage debt. The mortgage provider would have undertaken extensive credit checks before approving your mortgage. The Mortgage Payment Protection Insurer has the advantage of knowing that extensive credit checks have been undertaken, which isn't the case with Short Term Income Protection Insurance.

  • How do I pay for my Homeowners Income Protection Policy?

    Your premiums are collected monthly by Direct Debit. You choose a day that the premiums are to be collected monthly from your account.

  • What does Short Term Income Protection Insurance cover?

    Homeowners Income Protection Insurance is an insurance policy that protects a portion of your monthly salary in the event of an accident, sickness or involuntary unemployment such as redundancy. The policy will have a maximum benefit limit and also cannot exceed 65% of your gross monthly income. You can select cover from a few options: Accident, Sickness & Unemployment (ASU) cover, or Unemployment only (U only) or Accident and Sickness Only (AS Only) cover.

  • How long will the Homeowners Income Protection policy pay out for if I make a claim?

    The maximum number of monthly benefit payments for our Homeowners Income Protection policy is 12 monthly payments in any one claim period. You are able to submit more eligible claims once you have returned to work for the re-qualification period of 90 days.

  • I'm self-employed can I apply for Homeowners Income Protection Insurance?

    Yes as long as you meet the eligibility criteria. Just like employed people you will need to provide a copy of a sick note if you are making a claim on the Accident and Sickness element of cover. There are limited circumstances in which a self employed person could make a valid claim from involuntary unemployment- YOU MUST CHECK THE POLICY WORDING CAREFULLY, IT IS YOUR RESPONSIBILITY TO ENSURE THE POLICY MEETS YOUR DEMANDS & NEEDS - WE DO NOT PROVIDE ANY ADVICE AS TO THE SUITABILITY OF ANY OF THE POLICIES WE OFFER.

  • I am a contract worker, can I apply for Homeowners Income Protection?

    You may be eligible to apply for Homeowners Income Protection Insurance; however, there are specific terms that apply for claiming unemployment benefits under the policy. We detail them here for ease of reference but you should read the full policy wording.
    Contract Employment:
    a) if You have been Employed on a renewable Fixed Term Contract of at least 13 consecutive weeks with the same employer for more than 2 consecutive years or on an annual contract which has been renewed then You will be insured if You are made Unemployed.
    b) if You have been Employed on a renewable Fixed Term Contract of at least 13 consecutive weeks with the same employer but for less than 2 years then You will be insured if You are made Unemployed during the term of Your contract. You will not be insured against the non-renewal of Your contract and any entitlement to Monthly Benefit under this Policy will automatically cease on the date Your contract was originally intended to terminate.

  • There's a possibility that I may be made redundant within a few months of applying for a policy. Can I still apply?

    You will not be able to claim for any period of unemployment for which you were aware of at the start date of this policy or which occurs within the initial exclusion period.
    The following rules apply:
    You are made aware by any means, before the start date or within the Initial Exclusion Period, of anything that might lead to your unemployment, not withstanding that no specific reference has been made to your personal situation and that your unemployment may not take place until after the Initial Exclusion Period.
    Further details can be found in the POLICY WORDING.

  • I already have a medical condition; can I claim for this?

    This would be classed as a pre-existing medical condition and therefore you would not be able to claim for it if you have received treatment for the condition during the 12 months immediately prior to the start date of your policy. This exclusion is waived if you have been symptom and treatment free and have not had cause for medical consultation for the condition for a period of no less than 24 months before the start date of any claim.

  • Can I claim for back related injuries or conditions?

    Yes as long as there is radiological evidence of medical abnormality, visible wound, contusion, or a consultant certifies that the condition solely prevents you from working.

  • Can I claim for stress, anxiety, depression or any mental or nervous disorders?

    Yes as long as a consultant certifies that the condition solely prevents you from working.

  • How will my claim be paid?

    All valid claims are paid directly into the bank account that we collect your Direct Debit from.

  • What evidence will I be asked to provide in the event of a claim?

    For Accident and Sickness claims: In addition to completing a claim form you will need to be signed as unfit for work by a doctor and provide regular evidence to that effect.
    For Unemployment claims: In addition to completing a claim form you will be asked to provide proof of your income such as bank statements and/or accounts and/or tax returns together with P60's and regular evidence that you are actively seeking employment, such as: Evidence of your search for new employment (e.g. letters or emails) from, or to, prospective employers. These must relate to the most recent period of your claim.
    When your claim at the Jobcentre Plus comes to an end, you will be asked to supply a copy of the P45 that is issued to you at that time. You will also need to supply a copy of the letter that will be issued to you by the Jobcentre Plus confirming the end of your benefit claim.

  • How do I cancel my Homeowners Income Protection policy?

    You can cancel your policy at any time by writing to us. If you cancel within the first 30 days of the start date we will refund any premium you may have paid. No refund of premium is paid after this period.

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