FAQ About Insurance

FAQ About Insurance

What is Income Protection Insurance (IPI) ?[+] Expand
This is a type of insurance which will pay a proportion of earned income in the event that the policyholder is unable to work due to accident, sickness or unemployment (if chosen), resulting in a loss of earnings.

What is Private Medical Insurance (PMI) ?[+] Expand
This is an insurance which is designed to cover the cost of private treatment of short-term illness, or injury, which arise after you join.

What is Mortgage Payment Protection Insurance (MPPI) ?[+] Expand
This is sometimes known as ASU cover. It’s an insurance policy that you, as a mortgage customer can take out to protect yourself against being unable to work due to accident, sickness or unemployment. The policy will pay a monthly benefit amount that you choose to help you pay your monthly mortgage repayment and associated insurance premiums. The benefit is paid for upto a maximum of 12 months or until you return to work, whichever happens first.

What is Term Assurance ?[+] Expand
This is life assurance, which you take out for an agreed period, or term. The insurance pays out a specified amount on the death of the policyholder providing it occurs within the policy term.

What is Conditional Insurance ?[+] Expand
This refers to insurance products, which some lenders will impose as a condition of their mortgage offer. This could mean that the lender insists that accident, sickness and unemployment cover is taken out or that combined buildings and contents insurance is taken.

What is Insurance Guarantee Premium ?[+] Expand
See Higher Lending Charge under Mortgages Section of FAQ’s

The Mortgage Store (TMS) Ltd is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.
Your home may be repossessed if you do not keep up repayments on your mortgage
We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (www.http://www.financial-ombudsman.org.uk/consumer/complaints.htm). You may be able to submit a claim through the EU Online Dispute Resolution Platform (https://webgate.ec.europa.eu/odr/main/?event=main.home.show if you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.)