Mortgage payment protection insurance & redundancy

Hi - lazy question here to save me digging out my files and looking through my policy.

I've just been made redundant so can I claim for the full mortgage to be paid for 12 months ? Is this means tested in anyway (i.e. savings, spouse's income etc.) ?

Thanks for your help.

M

It really depends on the policy so you will NEED to dig it out and read the terms & conditions. I doubt that such insurance policies have a means test for payouts but again you'd need to check.

Most of these policies stipulate that you can claim for the insured amount (which may or may not be the mortgage repayment). If the mortgage and policy is in joint names the payout will be reduced. You have to prove that you're unemployed and unable to find any form of paid work for each of the twelve months.

when we originally took out our policy we were asked whether we wanted it to cover one or both applicants incomes, from this i understand, (but may be wrong) if one person has asked for cover it wll be their "half" that will be paid for, if both applied both "halves" will be paid for, but i would expect that both parties would have to be out of work for this to be the case. (in joint mortgage cases)