Redundancy Protection Plans help those who have lost a job and have become redundant to get a mortgage payment protection, income protection, other loan protection. With the help of this insurance cover you can make your payments on time regardless of loss of job, illness or accident. Your mortgage payments, credit cards, car finance, monthly payouts, pending debt payments and bank loans are taken care of.
If you are a homeowner and have used your home as equity to safeguard the mortgage loan payments, then there is a risk of losing your collateral pledged with the lender. The lender will repossess your house in case you are unable to make your loan payments on time due to your loss of job, illness, accident and no source of income. This can be protected by Income Payment Protection Insurance plans. Your insurance provider will offer you either part of your salary or a full amount of your income for a period of 12 months. The amount and the period of claiming it differs from one insurance provider to another.
This will help you meet your living expenses and make other pending payments till you find another job. Some mortgage payment protection covers full payment of your monthly mortgage charges. It is always advisable to be prepared in times of any unexpected redundancies as you may face some risky events and find it difficult to manage your living expenses and timely mortgage payments.
Most importantly, your collateral or home is at stake. Weigh all pros and cons of such payment protection coverage. Find out from insurance experts which is the most suitable insurance cover for protecting your payments.
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