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Please read in conjunction with the Keyfacts Document (the Policy Summary) and the Policy Wording (the Policy Terms and Conditions).
Ant Insurance Mortgage Payment Protection Insurance is designed to ensure that your mortgage repayment plus up to 25% additional costs are taken care of each month in the event that you are off work as a result of an Accident, Sickness or involuntary Unemployment (ASU) such as redundancy.
Ant Insurance Mortgage Payment Protection Insurance can be tailored exactly to your needs, providing you with choice, to ensure that your benefit commences when it is really needed. Flexible Excess Periods for the Accident/Sickness and Unemployment portions of your cover means you can separate these elements of the insurance and have the benefit start to be paid when you need it.
If you were off work through a serious accident or a period of sickness how would you maintain your monthly commitments when your sick pay entitlement came to an end? What if it was announced that you were to be made unemployed through a involuntary redundancy? Would you have enough savings to cover any loss of income?
Ant Insurance's Mortgage Payment Protection Insurance is designed to commence when your sick pay or redundancy pay in lieu of notice comes to an end.
If you have an existing payment protection policy such as income, mortgage or loan protection, you can easily transfer to Ant Insurance. If you choose Ant Insurance, the insurer may waive the initial exclusion period* providing you meet the following conditions and can provide a copy of your existing insurance schedule if requested:
*The definition of the initial exclusion period is 60 days for a New Mortgage and 120 days for an Existing Mortgage commencing from your start date during which you cannot make an unemployment claim.
A new mortgage is defined as having been completed within the last 30 days. An existing mortgage is defined as having a completion date outside the last 30 days.
You may be asked to provide a copy of your previous insurance schedule at claims stage.
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 agreeing to make the loan. The Mortgage Payment Protection insurer therefore has the advantage of knowing these credit checks will have been undertaken, which is frequently not the case when dealing with an application for Income Protection.
The premiums will be collected monthly by Direct Debit. You can choose the day that we collect the premium from your account to help you manage your finances.
If your application is successful you will receive your policy documents and a letter confirming the Insurer's acceptance. In the meantime your direct debit instruction will be submitted to your bank to avoid delays should cover be accepted. No debits will be taken from your bank account until cover is confirmed. The direct debit instruction will be cancelled if cover is not confirmed by the Insurer.
In your letter confirming the Insurer's acceptance, you will be advised when the 1st and subsequent premiums will be collected. Depending on your preferred collection date we may need to collect more than 1 month's premium in the first month.
Traditionally when you buy a Payment Protection policy that covers both Accident/Sickness and involuntary Unemployment you are either not given a choice as to when you would like your benefits paid from or your Accident/Sickness and Unemployment benefits must be paid from the same time.
Ant Insurance Mortgage Payment Protection Insurance allows you to tailor your cover to fit your exact requirements. For example if you get two months of sick pay and one month payment in lieu in case of redundancy, then have the Accident/Sickness part of your policy start paying benefit after 60 days and have the Unemployment part of your policy start paying benefit after 30 days.
For example:
Mortgage Payment Protection Insurance is a type of protection policy that protects your mortgage repayment and up to 25% for additional costs in the event of an accident, sickness or involuntary unemployment such as redundancy. Your mortgage repayment and additional costs cannot exceed £1500 or 75% of your gross monthly income (whichever is the lesser amount). You can select Full Accident, Sickness or Unemployment (ASU) cover, or Accident and Sickness Only (AS Only) cover.
If you need to cover more than your mortgage repayment plus 25% for additional costs, then choose Lifestyle Protection Insurance which can be used to cover all of the insurable portion of your income or a combination of monthly outgoings.
Mortgage Payment Protection Insurance can be used to cover either 5%, 10% or 25% additional costs such as your utility bills, council tax, car loans, credit cards, life insurance and home insurance premiums and general living expenses. If you are looking for more extensive cover then you may find Lifestyle Protection Insurance more suitable for your needs.
The maximum number of monthly benefit payments that a i:protect Mortgage Payment Protection Insurance will pay is either 6 or 12 monthly payments in any one claim (depending on which benefit period you have chosen).
To qualify for Mortgage Payment Protection Insurance you need to be aged between 18 and 65 years of age, a UK resident, a named party to a mortgage agreement on your main residence and in full-time continuous permanent employment (16 hours or more per week) and have been so for the previous 6 months.
Accident and Sickness cover - You are eligible to take out Mortgage Payment Protection Insurance, however, please remember that you will be asked to provide medical evidence of you being unfit for work during the claim period.
Unemployment cover - You are eligible to take Mortgage Payment Protection Insurance but please note that in order to claim you will need to prove that your business has completely ceased to trade as a direct result of your inability to pay your debts when they become due. This will need to be registered with the Inland Revenue. You may be asked to provide copies of your accounts and/or tax returns. More information can be found in the Policy Wording.
Please Note: this insurance cover has not been designed to pay benefit for any period of unemployment which is due to a temporary loss of work or a temporary lack of work.
You are eligible for Mortgage Payment Protection Insurance; however, there are a few restrictions for qualifying and claiming for unemployment benefits.
To be eligible your employment must be permanent and full time. You will be treated as being in permanent full-time employment if you are on or are:
You may still be able to claim for the period between the termination date of your contract and the natural expiry date of your contract if you are unable to meet the above conditions. You will not be able to claim for becoming unemployed at the natural expiry date of your contract. More information can be found in the Policy Wording.
You must be able to fully comply with the conditions of those with a self-employed status in order to make a claim for unemployment benefit. More information can be found in the Policy Wording.
If you have more than one job you will be eligible to claim unemployment benefit under your Mortgage Protection Insurance policy should you lose at least one job and are able to register as actively seeking work. This means you can still claim where the hours worked in your second job are less than 16 hours per week.
What exclusions does the Ant Insurance Mortgage Protection Insurance have?
Initial Exclusion Period
The following rules will apply unless you have been accepted by the underwriter on a reduced initial exclusion period or you have been notified and we have received your agreement in writing of an extended initial exclusion period.
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 will apply unless you have been accepted by us on a reduced initial exclusion period or you have been notified and we have received your agreement in writing of an extended initial exclusion period.
You will not be able to claim for any period of unemployment which occurs within the initial exclusion period.
You will not be able to claim for any condition or illness that you were aware of at the start date of the policy or have received treatment for during the 12 months immediately prior to the start date of your policy. Please note, however, that this exclusion is waived if you have been symptom free for a period of no less than 24 months before the start date of any claim. Please note that this waiver does not apply to any chronic condition - the definition of a chronic condition can be found under the Meaning of Words section of the Policy Wording.
You will not be able to claim for any backache or back related condition for which we have not received scan evidence (MRI, X-Ray, CT Scan) of abnormal findings. However, we will pay up to a maximum period of 3 months if evidence of abnormal findings have been found at an examination conducted by your Doctor. Benefits will not be payable after this 3 month period, if scan evidence of the abnormality causing the Disability is not provided.
You will not be able to claim for any mental or nervous disorder including stress and stress related conditions unless the conditions have been diagnosed by a Community Mental Health Team overseen by a member of the Royal College of Psychiatrists, or has been investigated by a Consultant Psychiatrist.
A successful claim will see your Mortgage Payment Protection Insurance benefit payments paid directly into the bank account that we collect the Direct Debit from.
Accident and Sickness - 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.
Unemployment - In addition to completing a claim form you may 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:-
All unrelated information/payments can be blanked out, together with the final 4 digits of the Bank Account Number showing on this document.
When you submit an application for cover on-line, including completion of a direct debit mandate, this means you have applied for a policy. Each one is considered individually. Applications are underwritten and you may be asked for additional information. Therefore, we undertake not to debit any premium until we confirm in writing that your application has been accepted by the Insurer and you have been placed on cover.
At exceptionally busy times, it is possible that your application my not be considered for one or more working days, please bear with us during these times. If you have any queries, please make use of the 'contact us' facility on the Ant Insurance website. The cover on any existing policy you may have should be maintained until you have our written confirmation that your new policy is in force.
You can cancel your Mortgage Payment Protection Insurance at any time by writing to us. If you cancel within the first 30 days of the start date or the date you receive your policy documents you will receive a full refund of any premiums paid. No refund of premium is paid after this period.
Please note that the Income Protection Insurance is co-branded on our site as Lifestyle Protection and Loan Protection therefore these FAQ’s will relate to all three products.
Income Protection Insurance is another name for Lifestyle Protection Insurance and is co-branded on our site as Lifestyle Protection. It is a special type of protection policy that protects up to 65% of your gross monthly income (or £1,500, whichever is the lesser amount) in the event of an accident sickness or involuntary unemployment such as redundancy.
It can be used to cover all of the insurable portion of your income or a combination of monthly outgoings. Whether it is your mortgage or rent, loan, credit card payments, utility bills, food bills, phone bills, Digital TV subscriptions, the choice is yours.
Lifestyle Protection Insurance is another name for Income Protection Insurance. Both products are identical and designed to ensure that you receive a chosen proportion of your gross monthly income to cover your bills each month in the event that you are off work as a result of an Accident, Sickness or involuntary Unemployment such as redundancy. It can be used to cover all of the insurable portion of your income or a combination of monthly outgoings. Whether it is your mortgage or rent, loan, credit card payments, utility bills, food bills, phone bills, Digital TV subscriptions, the choice is yours.
Loan Protection Insurance can be used to cover the monthly repayments of a specific loan and is co-branded on our site as Lifestyle Protection Insurance. Although it is a Lifestyle Protection Insurance we have branded it Loan Protection so those searching for that specific requirement can find it. Instead of choosing to protect all your household outgoings you can just choose to protect just the amount of your monthly loan repayment. The premiums, policy and application process are the same as the Lifestyle Protection Insurance. On the application form simply request, as a benefit amount, the total of your monthly loan repayment.
Good question! Income Protection Insurance has been available as a Payment Protection Product for many years. Similarly there has been an insurance product called Income Protection (also known as Life Insurance) that is a Long Term Accident and Sickness product. The confusion surrounding the two policies has resulted in the industry changing the name of Income Protection Insurance to Lifestyle Payment Protection Insurance.
The problem is that it takes time for our customers to realise there has been a change in name so for the time being we, and some other providers, continue to provide both options so everyone can find what they are looking for. The premium rate and quotation process is identical and the policy and supporting documentation are also exactly the same including the Frequently Asked Questions below.
This cover provides you with the choice to ensure that your benefit kicks in when you really need it. Flexible and independent Excess Periods for the Unemployment element and the Accident/Sickness part of your cover enable you to choose when benefits will start to be paid. You can tailor your policy to match your personal circumstances.
If you were off work through a serious accident or a period of long term sickness how would you maintain your monthly commitments when your sick pay entitlement came to an end? What if it was announced that you were to be made unemployed through an involuntary redundancy? Would you have enough savings to cover any loss of income?
Payment Protection Insurance is designed to commence when your sick pay or redundancy pay in lieu of notice comes to an end.
If you have an existing payment protection policy such as income, lifestyle or loan protection, you can easily transfer to Ant Insurance. If you choose Ant Insurance, the insurer may waive the initial exclusion period* providing you meet the following conditions and can provide a copy of your existing insurance schedule if requested:
The usual initial exclusion period is 120 days immediately following the start date of your policy and will always be shown on your insurance policy schedule. This 120 day exclusion period will apply unless you have been accepted by us on a reduced initial period, such as when we agree to waive this completely when you transfer an existing policy meeting the conditions above. Alternatively, in circumstances where you have been notified, and we have received your agreement in writing, to apply an extended initial exclusion period.
The definition of the initial exclusion period is the period commencing from your start date during which you cannot make an unemployment claim
Ant Insurance policy allows you to tailor your cover to fit your exact requirements. For example if you get two months of sick pay and one month payment in lieu in case of redundancy, then have the Accident/Sickness part of your policy start paying benefit after 60 days and have the Unemployment part of your policy start paying benefit after 30 days.
What does Income/Lifestyle Protection Insurance cover and how does it differ from Mortgage Payment Protection Insurance (MPPI) and Loan Payment Protection Insurance (PPI)?
Income or Lifestyle Protection Insurance is a special type of protection policy that protects up to 65% of your gross monthly income (or £1,500, whichever is the lesser amount) in the event of an accident sickness or involuntary unemployment such as redundancy.
Mortgage Payment Protection Insurance will only cover your mortgage repayment (and in some cases additional mortgage related costs) of protection policy that protects up to 75% of your gross monthly income (or £1,500, whichever is the lesser amount) in the event of an accident sickness or involuntary unemployment such as redundancy.
You choose the benefit period when you take out the policy according to the options available at that time. The most popular option is for benefit to be payable for one year in respect of any single claim and therefore the maximum number of monthly benefit payments is 12.
To qualify for Income Payment Protection Insurance you need to be aged between 18 and 65 years of age, a UK resident and in full-time continuous permanent employment (16 hours or more per week) and have been so for the previous 6 months.
Accident and Sickness cover - You are eligible to take out Income Payment Protection Insurance, however, please remember that you will be asked to provide medical evidence of you being unfit for work during the claim period.
Unemployment cover - You are eligible to take Income Protection Insurance but please note that in order to claim you will need to prove that your business has completely ceased to trade as a direct result of your inability to pay your debts when they become due. This will need to be registered with the Inland Revenue. You may be asked to provide copies of your accounts and/or tax returns. More information can be found in the Policy Wording.
You are eligible for Income Protection Insurance; however, there are a few restrictions for qualifying and claiming for unemployment benefits.
If you have more than one job you will be eligible to claim unemployment benefit under your Lifestyle Protection Insurance policy should you lose at least one job and are able to register as actively seeking work. This means you can still claim where the hours worked in your second job are less than 16 hours per week.
As with all insurance policies there are certain limitations/exclusions that apply to Income/Lifestyle/Loan Protection Insurance. Significant limitations/exclusions are listed below and are outlined in the Keyfacts Document which can be found on this site. Please read the Policy Wording for full details of all limitations/exclusions.
The initial exclusion period is 120 days immediately following the policy start date. The initial exclusion period will always be shown on your insurance schedule. This will apply unless you have been accepted by us on a reduced or nil initial exclusion period or you have been notified and we have been notified and we have received your agreement in writing of an extended initial exclusion period.
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 which occurs within the initial exclusion period or if you were made aware by any means, within the initial exclusion period of anything that might lead to your unemployment.
You will not be able to claim for any period of unemployment which occurs within the initial exclusion period or if you were made aware by any means, within the initial exclusion period of anything that might lead to your unemployment.
A successful claim will see your Income Protection Insurance benefit payments paid directly into the bank account that we collect the Direct Debit from.
You can cancel policy at any time by writing to us. If you cancel within the first 30 days of the start date or the date you receive your policy documents you will receive a full refund of any premiums paid. No refund of premium is paid after this period.