What is Mortgage Protection Insurance?
Mortgage protection insurance is an add-on insurance that may be added to your home loan.
Mortgage protection insurance is a form of consumer credit insurance and often falls into the category of junk insurance. Just like other consumer credit insurances, it generally covers you for one or more of the following:
- Life
- Disability
- Involuntary Unemployment
- Accident and Illness
Am I eligible for a refund?
There are many reasons why you may be eligible for a refund.
1. It might be worthless to you. For example, depending on your employment contract at the time you purchased the policy, it may not cover you.
2. Premiums are high. Premiums can be expensive as mortgages are sold for decades.
3. Payments might not cover the whole mortgage. For example, mortgage protection may only cover you for a brief period. That means, that there will still be a substantial amount left to pay on your mortgage.
4. A sneaky sales process. A salesperson will sometimes add mortgage protection onto a home loan without explaining what insurance is, or without you knowing.
Have I paid for Mortgage Protection Insurance?
Premiums on mortgage protection insurance can be extremely high and is often charged monthly or yearly.
If you have a home loan, you should check your home loan contract and your statements.
By logging an enquiry, Claimo can help you request these documents from your financial firms.
Can I claim a refund?
If you have been sold mortgage protection insurance, you may be eligible for a refund.
At Claimo, we specialise in junk insurance refunds. Claimo help establish your claim and get you your money back!
We work on a No Win No Fee basis which means that if you don’t get back your money back, you don’t have to pay anything.
