Summary of cover
Your home is far more than bricks and mortar. That's why it's so important to make sure you can pay your mortgage. If you should lose your job or have an accident, fall ill or have to leave to become a carer, the last thing you'll want to worry about is how you'd manage financially. And you can't always rely on the government for help.
With Nationwide Mortgage Payment Protection Insurance, you can choose from a wide range of cover options to get the protection that's right for you. And with our highly competitive prices, it's security you can afford.
| Cover | Options |
|---|---|
| choice of protection | - accident and sickness only - unemployment (with carer cover) only - accident, sickness and unemployment (with carer cover) |
| mortgage cover | up to the full amount of your monthly mortgage payment plus Nationwide Mortgage Payment Protection Insurance premiums |
| choose additional cover for other monthly bills | up to 50% of your mortgage cover |
| choice of claim period | - 12 months - 30 days waiting period - 24 months - 60 days waiting period |
| joint mortgages | Choose to share the benefit equally between you or - for one of you to have the full benefit - for both of you to have the full benefit (your premium will be doubled under this option) - for you to have your own separate policies |
| other important points | there are some situations that are not covered and the main ones are shown below: any period of unemployment - during the first year of your cover if it is not immediately preceded by 6 months' continuous employment - during the first year of your cover if unemployment is known to be impending at the date cover commences - which begins, or which you are notified of, within 60 days of your cover under this section commencing. This is reduced to 30 days if your cover starts at the same time you take out a new mortgage with us - which occurs after the expiry of a fixed term contract, unless have either been employed by the same firm for at least 2 years or are on a contract of at least 12 months which has been renewed at least once with the same employer any period you leave work to become a carer - unless you are in receipt of (or awaiting) a Carer's Allowance - if you know that a member of your immediate family would require a carer at the start date of the policy; or - if you apply for a Carer's Allowance or are notified of receipt of Carer's Allowance within the first 60 days of the policy (this is reduced to 30 days if cover commenced at the completion date of your new mortgage) any period of accident or sickness - arising directly from a medical condition and/or associated symptoms, whether diagnosed or not which: a. you were aware of at the date of signing the application for cover b. you have suffered from in the 12 months immediately before cover commenced. This exclusion only applies for the first year of your cover |
Waiting period
If you choose the 12 month option it is 30 days and for the 24 month option it is 60 days. Benefit payments start 30 days after the end of the waiting period.
Eligibility
To be eligible for Mortgage Payment Protection Insurance you must:
- already have or be taking out a Nationwide mortgage or further advance (not currently in arrears)
- be over 18 and under 65 (cover ceases once you reach 65)
- live permanently in the United Kingdom, (England, Scotland, Wales, Northern Ireland, Channel Islands and Isle of Man)
- be in work for at least 16 hours a week either as a permanent member of your employer's staff on an open-ended contract, or as a member of your employer's staff on a fixed term contract or as a self-employed person
- have been continuously in work for the last 6 months unless you are taking a new Nationwide mortgage or a further advance, or have done so in the last 3 months
If you are on statutory maternity or parental leave that still counts as being in work.
Pre-existing medical conditions
You can still have a Mortgage Payment Protection Insurance policy if you've suffered a specific illness in the past - or if you have an ongoing or recurring medical condition. These illnesses or conditions will be excluded for the first 12 months of your cover.
For fuller details of the cover and the conditions that apply, you can read the policy document.