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Article DetailsIs mortgage payment protection worthwhile? |
| Date Added: August 18, 2008 09:47:26 PM |
| Author: |
| Category: Mortgage payment protection insurance uk |
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In times of hardship or other employment factors, one may lose ones job due to an accident or some form of illness.
How are you going to keep up payments?
You may have savings in the building society or bank to cover you while you may be unemployed, sick or suffered an accident. But the majority of home owners do not possess such a comfort factor to cover the next nine to twelve months.
What is the alternative to having good cash flow?
It could be income protection. But this could take one month to a couple of years to compensate. In this period you may have no cover for your mortgage and related expenses. Income protection policies do not normally cover cases of unemployment.
What is the alternative to income protection?
The most likely alternative is mortgage payment protection insurance. This product covers you for accident, sickness and unemployment for a period up to two years. Main high street building societies and banks are considered expensive and the real alternative is to search on the internet.
Some mortgage payment protection policies are age related while other are not. A good Independent Financial Advisor should be able you to be point in the right direction.
Article reference 052a Note The opinions expressed in this article are those of the individual writers and are not representative of Insurur.co.uk.  |
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