| Isn't there a sort of redundancy insurance or mortgage | | | | maximum of 12 months. Mortgage Insurance payments |
| insurance provided by the state? Surely I don't need | | | | stop when you return to work. |
| accident, sickness and unemployment insurance. | | | | Can the Mortgage Protection Insurance cover the |
| If you have more than £8,000 savings you will | | | | premiums for savings plans linked to a mortgage? |
| not be eligible for income support and that means you | | | | Yes. The Mortgage Protection Insurance can cover |
| will get no help. You should consider accident, sickness | | | | monthly premiums on an endowment policy, or an ISA. |
| and unemployment insurance. | | | | Are there age limits for Mortgage Payment Protection |
| Is there a 'state' redundancy insurance? | | | | Insurance? |
| If you took out your mortgage before October 2, 1995, | | | | Usually between 18 and 65. |
| you will receive no help for 8 weeks. For the next 18 | | | | Is there Mortgage Protection Insurance for the |
| weeks, the state will pay half your mortgage interest | | | | self-employed? |
| payments. | | | | Yes, but check the small print of the Mortgage |
| If you had your mortgage after October 2, 1995, you | | | | Protection Insurance, exclusions can make claiming |
| will receive nothing for 39 weeks. Mortgage insurance | | | | redundancy insurance difficult. Most mortgage |
| benefit is for the first £100,000 only. If you have | | | | insurance companies will only accept a claim if you |
| unemployment insurance, you won't have to worry. | | | | have involuntarily ceased trading. Even with |
| So there is no state redundancy insurance or | | | | unemployment insurance, you must have register for |
| mortgage insurance if I can't work. So what do I do? | | | | JSA. |
| The best approach is to buy accident, sickness and | | | | Contract workers must choose unemployment |
| unemployment insurance, otherwise known as | | | | insurance carefully. Most Mortgage protection |
| mortgage protection insurance. It is also referred to as | | | | insurance companies will accept a claim only if the |
| accident, sickness and unemployment insurance and it | | | | worker is either on an annual contract that has been |
| provides financial protection. | | | | renewed at least once. With different contracts a |
| How does Mortgage Payment Protection Insurance | | | | redundancy insurance claim will be accepted only if |
| work? | | | | they have spent 6 months with the same employer |
| The level of Mortgage Payment Protection Insurance | | | | and the contract has been renewed twice. In this case |
| depends on mortgage size. The Mortgage Payment | | | | unemployment insurance will pay only if the contract |
| Protection Insurance policy will pay, usually by making | | | | has been terminated early, and the unemployment |
| direct mortgage insurance payments to your lender. | | | | insurance benefit will be paid only until the date the |
| Mortgage insurance benefit will normally be paid for a | | | | contract would have expired. |