Mortgage Protection Insurance and Grounds of Approval or Rejection of a Claim

It is important to understand on what grounds your claims for an insurance may not be accepted by your insurance company. You must be aware that some claims are accepted and some are rejected. Some may have signed up a policy without understanding the eligibility conditions covered under the policy. It is the responsibility of the individual applying for a policy to understand the terms and conditions.

While applying for a loan, it is important to understand that you have not signed in for any insurance along with the loan. A mortgage loan may have been offered to you along with the mortgage loan protection insurance, you may have signed for it without being aware. Always check the forms for loan approval and select only those which is relevant to you. You may be a self employed person and have signed up for these insurance cover. But, these policies do not include a self employed and any claims made for a mortgage payment will be rejected. Remember, you can make a claim for compensation only if you are employed and are not on any contract. If you are sick, redundant, met with an accident and have been paying your mortgage protection insurance premiums, you can make a claim for compensation when you are out of job.

Your claims for compensation may be rejected if you are on sick leave and are getting paid by your company. Don’t apply for it when you are enjoying a compensation from your organisation, you can make a claim after you have exhausted your sick leave and have no income paid out to you. However, most Mortgage Protection Insurance cover was not sought out by consumers, and in some cases consumers are not aware that they even have the insurance. Take care of all these when you are signing up for a policy.

Kirthy Shetty, Expert author, platinum status. Get all your free tips related to: Redundancy Protection Insurance

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