FAQ | Jameson Financial

FAQ

Frequently Asked Questions

Is it easy to switch and save money?

Yes, switching is straightforward. Just call us anytime between 9am - 6pm Monday to Friday, or click on ‘Proceed’. We can talk you through the rest.

How long will my application take to process?

Once we receive your completed application it will be underwritten by the insurer on the same day. In other words, the underwriter will review the answers given by you on the proposal form.
Cover normally commences within the following timeframes: No medical issues: within 2-3 working days; If a report from your GP is requested: within 7-14 working days; If a medical with your GP is requested: within 15 -30 working days; Remember, we allow up to 30 days free cover on policy issue to allow you to cancel your existing policy.

Can my bank or mortgage lender insist on taking out Mortgage Protection insurance with them?

No. You are entirely free to shop around for the best policy to suit your needs and budget.

How do I go about replacing my existing policy to save money?

The first step is to contact us and a qualified member of staff will talk you through the process. If you are replacing your existing Mortgage Protection policy, it is important that the Lump Sum on Death benefit and the term of the policy should match the outstanding balance on your mortgage and the remaining term.
 
We also provide a free cover period to allow you time to cancel your old policy once on cover, with no cross over payments.

What is the difference between Mortgage Protection, Serious Illness cover and Life Assurance?

With Mortgage Protection the amount of cover reduces throughout the term of the policy, so as to only cover the reducing loan balance. Such policies are suited to normal capital and interest mortgages and are cheaper than level term Life assurance as a result.
Level Term Life insurance covers you for a specific amount in over a specific term. Such policies can be used as Mortgage Protection; but they are more often used for family or business protection.

What is Serious Illness Cover?

This type of insurance typically pays out a lump sum in the event of you being diagnosed with a specific serious illness or disability. Again, the benefit under this policy could be used to pay of a mortgage or to maintain a standard of living.

Can I have my life cover and serious illness cover under the one policy?

Yes, both types of cover can be offered under the one policy. In fact, premium costs can be reduced by setting up cover so that the serious illness benefit acts as an advance payment of the life cover amount.

Are there any penalties if I cancel my policy?

No. But it is important to remember that cover ceases when you stop making payments. We strongly advise that you contact us before cancelling your policy.

What is the difference between Single, Joint and Dual cover?

Single cover protects one insured person, while joint cover protects you and your partner and can be redeemed as soon as the first insured party passes away. Dual cover will pay out on the death of both insured persons, within the term of your policy, almost as if they each had single policies.

Do I need to note my mortgage lender's interest?

No. Once you have arranged the policy, you then send it to your lender along with an assignment form which your lender will give to you.

Remember, if you have any more questions or need to find out more, just give us a call on 1890 455 455