Mortgage Protection against Accident, Sickness and Redundancy
Article published on 18th September 2015
Mortgage Payment Protection Insurance or Accident, Sickness and Redundancy insurance can be obtained through quite a number of insurance providers, including Aviva, LV and Best Insurance.
Mortgages are big commitments for lengthy durations and often take up a chunk of your monthly bills.
In the event of an injury or sickness or any kind of redundancy you may be left out of options to pay for your mortgage. Mortgages are essential tools that allow people to buy property but in the event that you are unable to make the repayments they could result in financial hardship leading to disastrous losses for you and your family.
The good news is that you can get some protection with insurance policies, in case you cannot work because of an injury, illness or redundancy.
These policies are designed to make your monthly mortgage payments for up to 12 months in case you cannot work because you have been made redundant or due to sickness or injury you are no longer earning. Some policies will also allow you to cover some or all of your bills too.
Unemployment is a part of the course in the age and society that we live in and the time it takes you to return to work can be a difficult time for you and your family.
Unemployment situations can be catastrophic in nature when all your finances come to a standstill especially if the savings are outweighed by the pending bills. At that time having an unemployment insurance policy could smooth the transition of joblessness to hunting for a new job to actually being able to repay your mortgages on your own, a lot easier.
Accident, Sickness and Redundancy insurance are also designed for mortgage payments but as with unemployment cover some insurers will cover a percentage of your income or other bills. You can either opt for full protection for accident, sickness and unemployment or partial covers for your redundancy or accident and sickness.
The monthly premiums vary corresponding to the amount of monthly benefit required and age of the applicant. There are quite a few accident, sickness and unemployment covers that may or may not suit you (e.g. if you are a contract worker or self employed), so it is important advice from one of our insurance advisors before taking a policy out.
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