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By Kirthy Shetty

 How to protect your home from being repossessed? How do you make your mortgage payments on time? Unemployment, redundancy, sickness or accident may be the cause for non payment of mortgage on time. This will lead to negative credit scores and gets you into a debt trap; you may also lose your home.

To protect your mortgage payments in the event of accident, sickness or redundancy, you need mortgage protection payment. Get a regular amount to cover your mortgage or rent and other costs like endowments and insurance. Dont risk your house for a few pounds? Avail suitable mortgage protection insurance! This will help you make timely payments despite of your involuntary unemployment, injuries due to an accident, illness. It is basically protecting your loan payment and safeguarding your security such as home or other assets from being repossessed by the lender. It serves as a life insurance for your mortgage. In addition to redundancy, mortgage payments can also be protected from accident, illness, death. A mortgage life insurance is a specialized form of insurance that pays off the mortgage balance if a home owner dies.

The level of Mortgage Payment Protection Insurance depends on the size of a mortgage. This Insurance policy will pay, usually by making direct mortgage insurance payments to your lender. Such benefits can be enjoyed for a maximum of 12 months duration. These Insurance payments will stop once you find a job or get back to work after you are cured of your illness. Also consider that an insurance provider will accept your claim only if the worker is either on an annual contract that has been renewed at least once. With different contracts a redundancy insurance claim will be accepted only if they have spent 6 months with the same employer.

The other option to save your home is that home owners can use regular life insurance by increasing the coverage amount so that in the event of a death of the bread earner, the family members can keep the house without worrying about making monthly payments.

In case of redundancy cover, it will cover your mortgage payments while you are unemployed or redundant. Till you find a job, monthly income, either fully or half of your salary will be paid to you. With this protection cover, you get to meet your financial obligation and your living expenses. Such a payment protection offers you financial succour and a peace of mind. You can be rest assured of paying your mortgage loans on time in case you lose your job.

Kirthy Shetty, Expert Author, Platinum status. For more information on: Redundancy Protection

For more information on: Income Protection Insurance

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Unemployment Protection Insurance
Does This Help?

By Kirthy Shetty

 Unemployment is a serious concern now. Recession has hit the Information Technology and other sectors badly and a huge number of people are being laid off. If you dread to lose your job, which is inevitable how do you protect your loan payments and your regular income. It is stressful to even think about it. Be prepared for such situations of redundancy and learn how to survive financially when your regular income is at stake. See, if you can get any supplemental income from an unemployment protection insurance. This is also known as Redundancy Insurance cover.

This will pay out a fixed monthly sum in the event of sickness, accident, or unemployment. It replaces your income in the event of accident, sickness or loss of job. Such protection insurance unemployment element pays out for 12 months. This will make sure that your monthly commitments are met and your family is protected.

Firstly, think about your loan or mortgage payments, credit card payments, pending debt payments, what will you do, in case of an event like illness, redundancy, accident or unemployment. Consider, the cost of getting a redundancy protection insurance. See how important these mortgage or other loan payments are. What will happen incase you have used your collateral against your loan payments. There is fear of your collateral being repossessed by your lender. If you are not sure about your financial stability, then you must consider payment protection insurance.

If you get unemployment protection insurance, it can offer you tax free benefit too. This will be covered through the entire unemployment protection term which is roughly up to 12 to 24 months. This varies from one insurance provider to another. You are covered between 30 to 90 days of consecutive unemployment or redundancy before you receive your first payment.

Such unemployment insurance covers a portion of your financial commitments, in the event of inability to work temporarily, redundancy, illness or accident. Read below, to get a gist of what are covered under this insurance cover.

Protection insurance of unemployment covers:

It covers your income (this is usually 50%)

Part of your mortgage

Household outgoings

Other loan repayments and credit card payment up to some level agreed upon.

However, the above benefits of the insurance cover vary from one protection insurance lender to another. Unemployment insurance provider pays a different maximum amount per month. This can be up to 2000 per month, this is a maximum amount. Find out from experts, what is the limit you are covered for, reach online.

Kirthy Shetty, Expert Author, Platinum status. Get more information on: Unemployment Protection Insurance

For more information on: Mortgage Payment Protection

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