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Three Policies For Unemployment Protection

Jun 28, 2008
Protecting against unemployment by such as redundancy does not have to be expensive if you shop around for your policy with independent payment protection specialists. A specialist will offer the cheapest premiums possible based for unemployment protection based on how much of your repayments you wish to protect each month and your age. Depending on what you wish to cover will depend on the type of protection you will need.

You are able to take out a policy based on your age with some providers and this means that even first time buyers with huge mortgages to be able to afford to protect them. The cost does fluctuate between providers so it is essential that you do shop around for your protection and compare not only the premiums but also the conditions.

The conditions tell you when a policy pays out and for how long. Some providers will start to give you an income once you have been unemployed for 30 continuous days. With others it can be up to the 90th day and then you are able to put in your claim. A policy might give you your mortgage payment for 12 months or you could receive a payment each month for 24 months. You also have to check the conditions for any exclusions that could apply to the cover. There are always some exclusions in a policy and the amount depends on the provider.

If you want peace of mind that your mortgage repayments would be safe then you can choose to take out mortgage payment protection. A policy would give you the income needed to be able to continue meeting the requirements of your mortgage each month without worry. You would have no fear of getting into arrears with the mortgage and so no worry of having the lender on your back and possibly seeking to take possession of your home. You have only to miss one of your mortgage repayments and the lender could start repossession proceedings, particularly if you cannot show when you would be able to pick up the repayments and pay off the arrears. A mortgage policy staves this off.

Unemployment protection can also be taken out in the form of loan payment protection. This would give you the same benefits as mortgage payment protection but the policy would payout an income to cover any loan or credit card repayments that you have to make. You would be able to maintain your credit score and also not have to worry about the possibility of being taken to court.

If you want to safeguard your income on the whole then you can choose to protect your income with unemployment protection. You are able to take out a policy for up to a certain amount of your income each month. If you then become unemployed you can claim this amount each month. With the sum of money you received you would be able to pay your mortgage, loan, credit cards or any other bills that you have coming into the house on a regular basis.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of unemployment protection.
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