| Mortgage payment protection and income protection | | | | work. You may get an additional 25% cover on the |
| are two different concepts which are often confused | | | | same policy which will help you pay other bills such as |
| as one. Policy to safeguard your income will help you | | | | mobile bills, electricity bills or utility bills. On the whole the |
| cover your salary in case you are out of work due to | | | | insurance premiums will be based on your loan |
| accident, injury, sickness, disability etc. And you are | | | | repayments and not on your salary. |
| free to use it any way. It could be for your groceries, | | | | It offers one an advantage to recover while enjoying |
| kid's school fees, medical fees and also covers your | | | | the benefits of the policies. When you have a policy, |
| mortgage loan payments. But a mortgage protection is | | | | you can make use of the mortgage benefits or |
| more specifically used to cover your mortgage | | | | income benefits you get along with getting time to |
| payments in case you are out of work due to | | | | recover. So that, by the time you get back, things have |
| accident, injury, sickness, disability etc. | | | | fallen in place. If there is no policy to protect you, your |
| A mortgage policy will not necessarily cover your | | | | collateral will be confiscated and you will have no |
| salary. But it is to save your collateral from being | | | | money to cover up your other needs. It's likely to feel |
| confiscated due to non payment of loans. This will help | | | | depressed during this time, with no cash on hand. But a |
| you keep up with your payments on time as your | | | | policy will provide you financial succour. |
| insurance will provide you the dues till you get back to | | | | |