Mortgage Protection Against Unemployment
Mortgage protection against unemployment is an excellent way of ensuring that you would still have an income if you were to find yourself a victim of redundancy. While you can just protect against the possibility of unemployment, you can also cover yourself against losing your income to accident and sickness too for a little extra.
As redundancies happen more and more frequently in areas where jobs were once thought to be safe, it is essential to give some thought to how you would continue to pay your mortgage if you were a victim. You could have given some thought to the fact that you would be able to fall back on savings in the bank. However as you do not know how long unemployment might last, you cannot rely on savings being adequate to cover your mortgage for long. State benefits could also let you down, as even if you were able to claim you would only get help towards the interest part of the mortgage. There are many requirements that have to be met set out by the State with one of them being that you need to be claiming income support. You must also not have savings over a certain amount and not have a partner living with you who is in full time employment. You would also have to wait several months before seeing any money even if you were eligible to claim money from the State.
Your mortgage lender could have patience with you and they may try to help by being willing to make an agreement so that you are able to pay back arrears and continue paying your mortgage payments. However, if you cannot tell them when you could go back to work, or when you would have money, you would not be able to make an agreement. If you continued to miss your mortgage repayments then the lender would have no other option but to take repossession of your home.
Mortgage protection against unemployment does not have to cost a lot each month. With an independent payment protection provider you will get the cheapest quotes, which in some cases can save you as much as 40%. Along with this an ethical provider will offer all the information you need for you to determine if a policy is suitable for your needs. Exclusions have to be checked against your circumstances and this will show you if mortgage cover could be taken and relied upon.
Mortgage protection against unemployment differs with each independent specialist. So when you are comparing the quotes for the protection you also need to see how long the deferment period would be and how long your policy would payout. Usually providers state in the terms and conditions between 30 and 90 days before you are able to put in a claim. All policies payout for a certain period of time which is usually in the region of 12 months to 24 months and then they cease. However usually this is adequate time to have made a full recovery or to have found a suitable job.
Related Tags: ppi, income protection insurance, mortgage protection insurance, mppi
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection unemployment. Your Article Search Directory : Find in Articles
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