Mortgage Payment Protection as Unemployment Insurance
Mortgage Payment Protection as Unemployment Insurance
Unemployment insurance is a term used for mortgage payment protection, loan protection and income protection which is taken out in case some time in the future you find yourself unemployed by way of unexpected redundancy. While there have been many problems associated with the cover it can be a valuable lifeline if you should come out of work by giving you a tax free income each month.
Cover can be taken out just to protect against becoming unemployed or for additional cost you can include becoming unable to work through accident or sickness. The cover can be invaluable if you suddenly lose your income but unemployment insurance is not suitable for all individuals due to the exclusions in a policy. Common ones in all policies are if you suffer an ongoing illness, are of retirement age, only work part time or are self-employed. Always check the terms and conditions of a policy because exclusions will also depend on the provider.
Once you have made sure that a policy would be suitable then you have to decide which type of cover would be in your best interest. Mortgage insurance will give you a tax free income so that you can keep the roof over your head by continuing to pay your mortgage each month. Loan payment protection will be needed if you have monthly loan repayments to make each month or credit card repayments. Income protection can be taken out to make sure you will be able to continue paying essential outgoings and so not have to change your lifestyle too much.
Unemployment cover could begin to give you an income from between the 31st and 90th day of being out of work continually. Once the cover has started to payout it would continue to do so for between 12 and 24 months which usually is more than enough time for you to find work and get back on your feet again. The premiums for the cover are based on the amount of your income; loan, mortgage or credit card repayments that you wish to cover and also how old you are at the time of taking out the cover.
While premiums do vary a standalone specialist provider will always offer the cheapest quotes for unemployment insurance and along with this they will always give the essential key facts so the individual can make an informed decision regarding the suitability of a policy.
Since the investigation began by the Financial Services Authority in 2005 following a super complaint by the Citizens Advice faith has been lost in payment protection policies. However it should be remembered that it is not the fault of the actual products but those who sell the cover with little or no sales experience. The majority of those fined have been high street lenders who sell unemployment insurance alongside loans, mortgages and credit cards. The safest and cheapest way to buy any type of payment protection policy is with someone who specialises in selling this type of cover, a specialist will have the answers to any questions relating to payment protection.
http://www.articlesbase.com/finance-articles/mortgage-payment-protection-as-unemployment-insurance-2752528.html
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