| You are able to cover redundancy with mortgage, loan | | | | of your other outgoings which keep you home up and |
| or income payment protection depending on your | | | | running and your family happy. This would also include |
| needs. All policies can be taken out independently with | | | | having the funds to be able to maintain such as loan |
| specialist providers and this is the cheapest way to | | | | repayments or credit card bills when they came |
| get a quality product that you are able to fall back on if | | | | around. |
| and when you where to lose your own income. | | | | You could also cover redundancy and your mortgage |
| Income payment protection when taken out to cover | | | | on its own with mortgage payment protection. Just |
| redundancy would give you a sum of money that you | | | | insure the repayment you make each month, again up |
| insured at the time of taking the protection. All payment | | | | to a set amount and then use this to pay your |
| protection specialists would allow you to insure a | | | | mortgage lender and avoid arrears. Loan payments |
| certain amount of the income each month. This would | | | | could also be kept in check with loan payment |
| affect the premium that you are asked to pay and | | | | protection and this means your credit rating is kept |
| your age would also be taken into account. This | | | | intact. A bad credit rating leads to a refusal in the |
| means the younger you are when you protect your | | | | future by lenders when you want to take out another |
| income the cheaper the protection would be. | | | | loan or any kind of credit. |
| Income cover would allow you the luxury of having an | | | | It also takes a lot longer to repair a bad credit rating |
| income each month so that you would be able to | | | | than it does to get one. |
| search for work without having financial worries. You | | | | When you cover redundancy with payment protection |
| would be able to continue paying your mortgage at the | | | | you would have a deferment period before claiming. |
| end of the month and so not risk losing your home if | | | | This can be between the 30th and 90th days of you |
| you get into arrears that are no longer manageable. If | | | | being unemployed. Some payment protection providers |
| you go into mortgage arrears you would have to | | | | will backdate the benefit to the first unemployment |
| make an agreement with the lender to pay off what | | | | date before continuing to supply you with an income |
| you owe while also being able to pay your normal | | | | that would be tax-free. All policies will payout for a |
| payments. As arrears were caused by being unable to | | | | pre-determined period of time which is stated in the |
| pay there would be no chance of making such an | | | | terms of the policy, this must be checked before you |
| agreement. Therefore the lender would have no option | | | | sign. Usually you are able to take out cover which lasts |
| but to take you to court and this means repossession | | | | either for 12 monthly payments or 24 monthly |
| would be imminent. | | | | payments before it ends. |
| Of course you would also have the money to pay all | | | | |