If you have loan repayments, a mortgage to keep up with and of course general outgoings each month to keep your home running then you need to consider insuring against unemployment with redundancy protection. Policies can be taken based on your circumstances if you are in full time work so that if and when you lost your income you would not be left struggling financially.
If you want to cover against a loss of income in general then you would need to look into taking out income payment protection as redundancy protection. You find a standalone provider who specialises in payment protection and then pay them a premium each month for the insurance. The premium would take into account the amount of your income that you wanted to insure and how old you were when applying for the policy. You would have to check to see what the amount is set out that you are able to insure up to as all providers will differ. You would also have to check to see when the cover would start to provide you with an income and for how long it would pay out.
The majority of providers would state that you would have to be unemployed for at least 30 days and with some providers it could be as long as 90 days. Usually payout can be taken for either a period of 12 monthly payments, one each month and 24 monthly payment, after this the policy would end. During this time you would have the peace of mind of knowing that you would be able to meet bills when they became due and this would not hinder your search for work.
You would have enough money to be able to pay your mortgage and so not risk losing the roof over your head. You would also be able to maintain your loan repayments and if you have borrowed on credit cards also have the money to continue paying these. Any bills that came in that kept the home running smoothly such as heating, lighting and grocery bills could also be maintained.
You could also choose to take out redundancy protection for your mortgage and loan repayments alone. Mortgage payment protection can be taken out if you do not want to insure all of your income. This would just provide enough money for you to be able to keep paying the mortgage and so not get into arrears. If you get into mortgage arrears by just a couple of months and cannot afford to catch up on them then the lender would take you to court to seek repossession of your home. This would mean that a judge would give you an eviction date and you would have to leave the property by this date. You can also cover loan repayments alone with loan payment protection. This would ensure that you do not get into debt and the lender does not take you to court. It also means that you can maintain your credit score which is important if you want to borrow in the future.
Author Resource:-
Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.
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