how long does it take to get mortgage protection?

The time it takes to get mortgage protection insurance can depend on the provider, the type of policy, and the complexity of your application. However, here’s a general overview of the typical timeline: 

Research and Application (1 to 2 Days)

• Broker Assistance: Your mortgage broker will assist in researching different mortgage protection insurance policies that suit your needs. Brokers like Ascot have access to a wide range of products and can help you compare options quickly.
• Application Process: Once we’ve selected a policy with you, the application process is straightforward. Your broker can handle the application on your behalf, whether online, over the phone, or in person. This typically takes an hour or two, depending on the complexity of your information.

Underwriting and Approval (1 to 14 Days)

• Simplified Underwriting: Many standard mortgage protection policies, especially those that don’t require a detailed medical assessment, can be approved quickly. Your broker will coordinate with the insurer to expedite this process, potentially getting approval within a few days or even instantly.
• Detailed Underwriting: If your application involves detailed underwriting—such as pre-existing health conditions or policies with extensive cover (like critical illness)—the process might take longer. Your broker will liaise with the insurer to gather additional information, like medical records or a health questionnaire. This could extend the approval time to 1 to 2 weeks.

Policy Issuance (Immediate to 7 Days)

• Immediate Issuance: Once approved, the policy is often issued immediately. Your broker will ensure that you receive your policy documents promptly, either via email or post.
• Delayed Issuance: If additional documentation is needed, your broker will follow up to minimise delays. In such cases, policy issuance might take a few days to a week.

Cooling-Off Period (14 to 30 Days)

• Cooling-Off Period: After receiving your policy documents, you usually have a cooling-off period of 14 to 30 days. During this time, you can cancel the policy if you change your mind, and your broker can assist with the cancellation process. You may be entitled to a full refund of any premiums paid during this period.

Conclusion

In summary, the process of getting mortgage protection insurance through a broker typically takes between 1 day and 2 weeks, depending on the complexity of your application and the type of cover you need. Straightforward cases can be completed within a couple of days, while more complex applications might take up to two weeks. If you require coverage urgently, applying through a broker can be advantageous as they can expedite the process and navigate any obstacles on your behalf, ensuring you get the protection you need as quickly as possible.