Mortgage Payment Protection Insurance

Payment Protection Plus (PPP) for C&G Mortgages is available if your client is:

 

• Employed for at least 16 hours per week and for the last six months
• Self-employed
• On a fixed-term contract (certain circumstances)
• Over 18 but under 65
• Resident in the UK

What does it cover?

 

What will be paid:

 

• Monthly mortgage payment
• Home insurance premiums (if arranged through C&G or Lloyds TSB)
• Monthly cash sum of £3 for every £1,000 of the mortgage*

How much does it cost?

 

• 50p for each £1,000 of the loan (including Insurance Premium Tax)

When does cover start?

 

• Accident and illness are covered from the day the policy starts
• Unemployment cover begins 61 days after the policy starts (or 91 days if taken out after the mortgage completes)

Cover under the terms and conditions of PPP is available on a continuous basis provided your client:

 

• has held their existing policy for more than 12 months
• haven't claimed within the last 12 months
• meet the eligibility criteria for PPP

What is not covered?
As with all insurance policies there are some things that PPP cannot cover. The Policy Summary gives details of some of the significant exclusions, in particular those relating to:

 

• pre-existing medical conditions
• unemployment that starts within 60 days of the commencement date of insurance (or 90 days if PPP is taken out after the loan has already been taken out)
• impending unemployment

Please note that the maximum loan PPP can cover is £350,000.

A policy summary is available here.

 

*Subject to a maximum total monthly payment (including mortgage payment and insurance premiums) of £1,300 or the normal monthly payment, whichever is the greater.

 

 

C&G Payment Protection Plus for C&G Mortgages is underwritten by Lloyds TSB General Insurance Limited. Registered Office - 25 Gresham Street, London EC2V 7HN.