Mortgage Protection Insurance Policy
Summary for the Public Sector

 

This document only provides a summary of the main features and benefits of the policy together with the main exclusions and limitations. A copy of the full terms and conditions are provided online and references to specific paragraphs are made throughout this summary. Please read them to ensure that they provide the level of cover you require.

The Name of the Insurer

Mortgage Protection Insurance for Public Sector Workers is underwritten and administered by Assurant General Insurance Limited (a member company of Assurant Solutions).

What is this insurance designed to do?

This policy is designed to protect your lifestyle when accident, sickness or unemployment prevents you from working and you are no longer in receipt of your usual salary.

Eligibility

You are covered under the policy if on the start date you:

• are at least 18 and under 64 years of age (paragraph 2.1.1); and
• are actively working when you apply (paragraph 2.1.2) or away from work on statutory maternity, paternity or adoption leave (paragraph 5.36); and
• have been working for at least 6 months for 16 hours or more each week immediately before the start date (paragraph 2.1.3). If you were not in work for 2 weeks or less, we will not count this as a break in your employment (paragraph 11.1); and
• have a mortgage agreement in force (paragraph 2.1.4); and
• you are a permanent resident in the UK (paragraph 2.1.6), Channel Islands or the Isle of Man

If you are self-employed (paragraph 5.29) or a contract worker, (paragraph 5.36) you may be entitled for cover under this policy. Please refer to the Policy Terms and Conditions for more details.

Duration of cover

The policy is automatically renewed monthly.

What am I covered for?

Cover Option - Accident or Sickness

You are working and become unable to work due to accident or after the excess period has passed. You will need to be under the regular care and attendance of
a doctor.

Cover Option - Involutary Unemployment

You are working and become unemployed for at least 30 consecutive days (the waiting period). You will need to register with the Jobcentre Plus and be actively seeking work.

Benefit Limit

The maximum monthly benefit payable under the policy is 100% of your mortgage payment with additional 25% to cover associated mortgage costs, £1,500 or 75% of your net monthly income, whichever is the lesser (paragraph 4.2). Benefit will be payable for 3, 6 or 12 months depending on the cover you have chosen.

The cover option, excess period and monthly benefit you have selected will be shown on your policy schedule.

Only one person can be insured on one policy. For cover for two people, each should complete a separate application.

You should review the cover provided regularly to make sure that it remains suitable for your needs.

Excess and Waiting Periods

Depending on the cover options selected, either a waiting (paragraph 5.33) or excess period (paragraph 1.2) will apply. This means that at the time of claim you will have to wait for the relevant period to pass before you receive any benefit.

How much does the policy cost?

The amount of premium to be paid is dependent upon the amount of monthly benefit and cover you choose, as shown on your policy schedule.

What are the Main Exclusions of this policy?

The following are the main exclusions; please see sections 7, 11 and 12 of the Policy Terms and Conditions for full details of all exclusions.

Cover Option - Accident or Sickness

• a pre-existing medical condition; but you will be entitled to benefit if you have not suffered from that condition for two years before the first date you became unable to work. You have not suffered from a condition if throughout that two year period you (paragraph 7.1):
• have not consulted a doctor for that condition (paragraph 7.1.1); and
• have not received treatment for that condition (paragraph 7.1.2); and
• have been free of symptoms of that condition (paragraph 7.1.3);

attempted suicide or self-inflicted injuries (paragraph 7.2);

alcohol or drugs, unless they are prescribed for treatment by a doctor (paragraph 7.4);

any chronic condition that occurs prior to the start date (paragraph 7.3);

backache and related conditions, including injuries, which are not supported by medical evidence (paragraph 7.5);

psychiatric illness or mental disorders including depression, bereavement, stress, or stress related conditions which are not diagnosed by a consultant who is a member or the Royal College of Psychiatrists and is recognised by that Royal College as being a consultant (paragraph 7.6);

for any period when your incapacity is not confirmed by a doctor (paragraph 7.9.2).

Cover Option - Involuntary Unemployment

• If you were not in continuous work for 6 months immediately before your employment ended (if you were not in work for 2 weeks or less, we will not count this as a break in your employment) (paragraph 11.1);
• Unemployment caused or resulting from your employment ending within the first 90 days of cover i.e. the exclusion period (paragraph 11.2);
• You being told, or made aware either before the start date or within the exclusion period that your employment will end. This is irrespective of when employment actually ends (paragraph 11.3);
• Misconduct which contributes or leads to your dismissal (paragraph 11.6);
• Resignation, voluntary unemployment or voluntary redundancy (paragraph 11.9);
• If you are self-employed and your business temporarily stops trading (paragraph 11.12).

When cover ends

The policy will automatically end if:

• you die (paragraph 13.1)
• reach the statutory retirement age or permanently retire (paragraph 13.2)
• you cancel the policy (paragraph 13.3)
• you stop paying the monthly premium (paragraph 13.5)
• you are no longer resident in the UK (paragraph 13.6)
• your mortgage agreement ends (paragraph 13.7);
• your mortgage payments are in arrears and the litigation process has commenced (paragraph 13.8).

How do I cancel the policy?

You can cancel this insurance at any time by writing to the insurer. If this is done within the first 30 days of the start date or receipt of the policy terms and conditions (whichever is the later) then we will give you a full refund of any premiums paid - as long as you have not made a claim (paragraph 15.2). If you cancel the policy after the first 30 days, no further premium will be collected and no refund of premium will be made (paragraph 15.3).

How do I make a claim?

If you need to make a claim, you must contact us as soon as reasonably possible and at least within 30 days of the incident date (paragraph 16.1).

You should contact us at Claims Department, Bankers Insurance Company Limited, 117-119 Whitby Road, Slough, Berkshire, SL1 3DR or telephone 0870 024 0669 (paragraph 16.2).

Please fill in the claim form and return it to us and we will process your claim. We should receive the claim form within 120 days from the incident date. If you do not do this, your benefit may be affected. We may allow you a longer period to register a claim if you ask. We will give you information to help you fill in your claim form and tell you what details are required (paragraph 16.3).

What should I do if I have a complaint?

Although we set ourselves high standards, if we do not meet your expectations and you are dissatisfied in some way we would like to know. If you follow the guidelines below, your complaint will be dealt with in the most efficient way possible (paragraph 19.1).

Step 1. Please contact or write to the Operations Director, Bankers Insurance Company Limited, 117-119 Whitby Road, Slough, Berkshire, SL1 3DR. Telephone: 0870 024 0714, or email uk.complaints@assurant.com

Step 2. If you are still not satisfied with the way we have dealt with your complaint you can ask the Financial Ombudsman Service to review your case. You can contact them at the following address: South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Telephone: 0845 080 1800. Please note that if you wish to refer your complaint to the ombudsman, you must do so within 6 months of our final response.

The Financial Services Compensation Scheme

If Bankers Insurance Company Limited are unable to meet their liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) who can be contacted at: 7th Floor Lloyds Chambers, Portsoken Street, London, E1 8BN (Telephone: 0207 892 7300. Email: enquiries@fscs.org.uk). The first £2,000 of an insurance claim or policy is covered in full through the FSCS, plus 90% of the balance.