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Cover Your Finances With Payment Protection Insurance

Jun 28, 2008
Losing your income would come as a blow and could see you in trouble with your finances depending on what you have to pay out each month. Of course one of the biggest outgoings for the majority of people is their mortgage and this has to be maintained unless you want to see the roof over your head at risk. Another outgoing is your loan or credit card repayments. If you cannot manage to carry on paying these then at the very least you are going to see your credit rating being affected. You can ease all financial worries in case you should become sick, suffer an accident or become unemployed due to redundancy if you take payment protection insurance.

Payment protection insurance can be taken out in many forms depending on what is suitable for your needs. If you wish then you are able to cover your essential outgoings by way of income payment protection. This is a form of payment protection that would allow you to cover up to a certain amount of your own income each month. If you then were to become unemployed of have to take time off from work due to being ill or an accident you would be able to cover your bills. With the income provided you can cover your mortgage repayments, loan and any other outgoings which are needed.

If your mortgage is your biggest worry then you could consider taking out a mortgage payment protection policy. This policy would only cover your mortgage outgoing and you would be allowed to protect up to a certain amount of your mortgage each month. This would allow you to find work or recover with the knowledge that you would not be at risk of getting into arrears and having to face eviction from your home. Those who rely on the State to provide them with benefits should think again, as State help even if it was available, would only be given towards the interest part of your mortgage. You would have to be eligible to claim and even then you could have to wait several months before you would receive any help.

If you do not want to risk getting into debt with loan/credit card outgoings then you should look at taking out loan payment protection. This would allow you to be able to concentrate on what matters the most keeping your head above water with your debts. You would be able to maintain your outgoings and this would mean that you would not have the lender taking you to court with the possibility of you getting a County Court judgement against you.

All forms of payment protection insurance would allow you an income each month after becoming unemployed, suffering illness or accident that kept you from working. Policies payout once you have been incapacitated or unemployed for so many days, usually between 30 and 90. They then continue for between a period of 12 and 24 months before expiring. Shopping around with independent payment protection specialists is the cheapest way to take cover and comparing quotes is essential.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of payment protection insurance.
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