Goodmortgageprotection offers mortgage insurance protection should you be unable to meet your payments due to accident, sickness, disability, redundancy or unemployment. Our main policy provides many benefits and excellent cover such as: 12 month benefit period, Benefits paid back to day one, 3 months free cover for all applicants and exclusion free transfer from your current mortgage insurance provider.

Our rates are competitive as well. Unemployment only cover is rated at £2.45% of the monthly benefit, Disability (accident and sickness) cover is also rated at £2.45% of the monthly benefit. If you select combined unemployment accident and sickness cover, however, the rate for our mortgage insurance policy is only £3.95%

Meaning of Terms

Benefit Period

This is the length of time (or the number of payments) during which the monthly benefit selected will be paid out. Our policy offers 12 months benefit period - which should be sufficient but if you contact us we may be able to find a policy that will cover you for up to 24 months benefits. Please call B. Portwood & Co Ltd on 01388 607105 and ask us about our mortgage insurance policy.

'Back to day one'

Mortgage insurance policies do not normally pay benefits immediately - there is a period at the start of each and every claim during which payments are not made. It is only after you are unemployed for longer than this period that benefits will be paid. Some policies have an 'excess period' which means that you will not be paid for the first 30, 60, 90 or whatever days that you are out of work. Our policy, however is on a 'back to day one' basis that means that providing you are out of work for at least 30 days, you will qualify for every single day (during the benefit period) that you are unable to work. This is a major feature of our mortgage insurance policy.

Free Cover

Mortgage insurance policies are normally set up on a monthly basis - each month you pay a fixed amount, based on the sum insured - which relates to your mortgage payments. We appreciate that it can be a lot of trouble to switch policies so that we have arranged that, whether you are transferring policies, or just taking out a new policy, our mortgage insurance policy will provide you with 3 months free cover at the start.

Initial Exclusion Period

One reason why people take out mortgage insurance is that they suspect that they may suffer unemployment or redundancy in the near future. Obviously insurers don't want to be in a position where excessive claims may occur so that they impose an initial exclusion period. If unemployment or redundancy is announced during this period then no benefit would be paid. If this exclusion was applied for transfer of policies then we would not really recommend such a transfer. However our product will allow transfer of cover from other policies without an initial exclusion period. Similarly there is no initial exclusion period if you take out your mortgage insurance due to a new mortgage or re-mortgage.

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