Legally, can you claim on a mortgate protection policy if you are rewarded by your employer when bad sick?
i have be paying this for 6 years and have be advised that if your employer pays you during period of sickness, then you cannot claim on this policy.
Answers:
I would read aloud that your right its not legally possible to both be getting wage payments be they sick salary or long service or paid walk off and to be able to recieve mortage nouns payments from insurance.
not if your man paid the full rate
The definite answer here is: call the insurance company and go and get directions. They are friendly.
No one can tell here what the expressions of your policy are or even what kind it is.
There are permanent status life insurance plans that are market as mortgage protection and have unmistaken qualifications.
Then at hand are indemnity plans that will pay you a set amount lacking restrictions if you qualify.
Mortgage disability policies don't take disability payments from other sources into sketch. Go ahead and file your claim and permit the insurer make the result. In all odds, it's claim form will ask if you're getting disability income from your employer or another insurer. Usually, if the disability doesn't last too long, they do nil with that information.
Keep surrounded by mind that, if you purchased this policy through your lender, it will be the beneficiary.
Whoever told you this doesn't understand how these types of policies work.
The policy should explain it adjectives. Generally if you are receiving sick pay cheque from your employer at your full compensation rate you are not able to wallet a claim under the mortgage protection policy. If you are delivery short or long term disability at a reduced rate you mostly are able to directory a claim under the policy.
All of that said, mortgage protection policies are a TERRIBLE financial do business for the policy holder. I've been paying mortgages for nearly 30 years and own never had a fileable claim underneath one. You'll normally be much better rotten canceling the policy and putting the money in a stash account.