Decisions

Archive for July, 2008

We all like peace of mind and security in our life and insuring against the unknown is one way of obtaining it. To safeguard against the possibility that you could become redundant and so lose your income you can take out a policy called redundancy insurance. This would at least ensure that if you did lose you job you would have something to fall back on.

Redundancy insurance can be taken out in many different forms. You would have to look with a specialist payment protection provider and decide which form of protection you might be able to benefit from the most. You would also have to check the exclusions in the policy as all providers put some in, some just put in the bare few while others might add in many. Once you have checked that your circumstances are suitable for you to be able to claim then you can apply online.

You are able to take out protection just to safeguard your mortgage repayments or your loan repayments. You can also take out a policy that would protect your income in general which would give you the income needed to be able to pay all of your outgoings.

Mortgage payment protection on its own would allow you to insure up to a certain amount of your payment each month. This would allow you to avoid repossession of your home by maintaining your payments for between 12 and 24 months. You would have to be unemployed for a certain length of time which is usually between 30 days and the 90th day. Some providers would also backdate your policy to the first day of unemployment but not all offer this. Keeping your mortgage repayments up to date is imperative as the lender could choose to take you to court if do get into arrears and cannot catch up.

Loan payment protection could protect any loan or credit card repayments that needed to be kept up with. If you were to get behind on your loan repayments then you could find yourself with a County Court Judgement against you and even have your possessions taken to sell towards what you owe the lender. At the least your credit file would be affected and this means that getting any kind of loan could be very hard.

If you want to ensure that you would have the money needed for all of your essential outgoings which would include your mortgage, loan and credit card repayments then you need to give some thought to income payment protection as redundancy insurance. This would provide a replacement income up to so much of your income and allows you to continue as if you are working by allowing you to provide for you family and pay all essential outgoings. With a policy behind you there would be no having to struggle with bills or miss any with the hope of being able to catch up on them. You would have an income and peace of mind which allows you to concentrate on looking around for work again.

About the Author:
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.

Keyword tags: Income Protection Insurance, Mortgage Protection Insurance, MPPI, PPI

Losing your job is one of the most upsetting and stressful periods of your life. However there is more to it than just being out of work perhaps for the first time in your life, you also have to take into account the loss of income. You will have to face up to the fact that you have bills coming into the home that still have to be maintained each month and other than your redundancy money have nothing coming in. One way of protecting yourself is by considering one of the unemployment protection policies that a specialist in payment protection offers.

You are able to take out unemployment protection for mortgage and loan repayments and you can also take out a policy for your income in general. Which policy you choose to take out will depend on what you have to payout each month and your circumstances. They all take into account the fact of your age and how much you want to insure against when setting the premium. The premium will also vary with providers and standalone specialist providers can help you to make savings of up to 40% on protecting your mortgage and 80% for your loan repayments.

A policy is usually offered with a deferment period and this is the amount of time that you need to be unemployed before you are able to put in a claim. Usually it will be in the region of between 30 and 90 days. Some providers will backdate your policy to the first day of you becoming unemployed and others do not so check this in the terms and conditions. A policy would then run for between 12 and 24 months again depending on the terms set by the provider.

Income payment protection cover would provide the most protection as this allows you to insure up to a certain amount of your own income. If you then need to make a claim you would get this money back tax-free. You can use it to continue meeting the demands of your mortgage and this is essential. By getting behind on your mortgage by just one missed payment the lender will want to know how and when you are going to catch up. Keep missing payments and they will instruct their solicitor to take you to court to repossess your home and have you evicted.

Of course income cover as unemployment protection would allow you more protection than just for your mortgage. You would also be able to keep up with all of your other outgoings such as any loan or credit card repayments you have to make each month. If you get behind on these then again serious problems arise. At the very least your credit rating would be affected and if you wanted to borrow again in the future this could be very hard. You might even have to pay top rates of interest for a bad credit loan. In the worst case you could see the lender taking you to court and this would mean a County Court Judgement and possibly bailiffs taking your possessions. You would also not have the worry of where to find money for bills such as food, heating and lightning or have to make drastic changes to your lifestyle.

About the Author:
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.

Keyword tags: Income Protection Insurance, Mortgage Protection Insurance, MPPI, PPI

Unemployment cover is a great product to have behind you in an uncertain world. If you were to become a victim of redundancy then you would still have an income to rely on each month for between 12 and 24 months. From becoming unemployed you would have to wait a period of time which is usually around 30 to 90 days and then you would be able to claim. You could also find that the provider would backdate the benefit to the first day of becoming unemployed so always check in the small print.

Unemployment cover is a broad term used for a family of payment protection policies. These are loan, mortgage and income payment protection. Each can be taken out in the same way and claimed on in the same way. However they do protect different financial situations as their name would suggest. They would all give you peace of mind which would allow you to concentrate on looking for work and getting back to earning a living.

Mortgage payment protection would allow you to cover up to so much of the repayment for mortgage each month. If you were to become redundant you would then be able to claim this figure back tax-free. This would mean you were not left struggling to pay the mortgage each month and would not be in constant fear of falling behind into arrears. If you did get into arrears you would earn a bad mark against your credit file and you are at risk of the lender choosing to take repossession of your home. While lenders will not repossess unless they have to, if you cannot prove that you have a steady income and are able to repay the arrears while maintaining the repayments of your mortgage repossession is a big threat.

If loan or credit card repayments are a big worry then you could consider loan payment protection insurance. Again you can insure your loan payment, up to a certain limit and then receive this to continue paying the lender. You would not fall behind into debt and have the worry of the lender taking you to court. You would also keep a good credit rating and as this what all lenders take into account when deciding whether you to give you a loan this is essential. You would also not have to worry about the lender taking you to court and gaining a County Court Judgement.

Unemployment cover can also be taken out to protect your income in general. This would allow you to cover your income again up to an amount set by the provider. You would then get this income back and be able to maintain all of your outgoings. These would include your biggest monthly outgoing which of course is your mortgage. Your loans could also be covered and so would all other bills that come into the home on a regular basis such as gas, heating, lighting and food. With a policy you would not have to juggle these bills around or risk putting them off until later.

About the Author:
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.

Keyword tags: Income Protection Insurance, Mortgage Protection Insurance, MPPI, PPI

Today no ones job can be classed as safe, even in industries where once jobs were thought to be safe redundancies happen. As you will have outgoings that have to be kept up with each month giving some thought to how you would continue to repay them is essential. One way of gaining peace of mind against the uncertain is to take out unemployment insurance. Looking for and comparing quotes with a specialist provider as opposed to adding protection into the loan is the best way to take out a policy.

Unemployment insurance can cover a huge range of financial outgoings which include allowing you to be able to maintain your mortgage repayments, loan repayments and your monthly living expenses. You would not be left struggling to mind money or have to rely on savings or help from the State. State benefits can be applied for but to be able to receive them you must meet certain rules. You must not have savings in the bank over a certain amount or have a partner living with you who is in full time employment. If you are claiming for help with your mortgage you would only get so much towards the interest part of your mortgage and you could have to wait several months before seeing benefit. If claiming for a loss of income in general then you would not receive an amount equal to your lost income which would leave you having to juggle bills around.

A far better solution to protecting against a loss of income is to take out income payment protection. This would allow you to cover up to a certain amount of your own income each month and this is the sum you would receive if you were made redundant. With income protection you would be able to continue paying your mortgage to keep the roof over your head. You would also be able to maintain loan or credit card repayments and keep up with all other outgoings each month.

If you just wanted to protect your mortgage repayments then you should consider taking out mortgage payment protection insurance. This would allow you to cover your repayments up to a certain amount and the claim this each month tax free if you were unemployed. An age based policy is great for the younger generation who stretch their budgets to the limit each month as the younger you are the cheaper the premium will be. In some cases by buying from an independent payment protection specialist you can make savings of as much as 40% on mortgage payment protection.

Income, mortgage and loan unemployment insurance would begin to provide you with an income between days 30 and 90. Some providers would backdate their policy to the first day of becoming unemployed. Once the policy has started to pay out it would then continue to do so for between 12 months and 24 months and then it expires. In the majority of situations this would provide ample time for you to recover and get back to work or to have found another job.

About the Author:
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.

Keyword tags: Income Protection Insurance, Mortgage Protection Insurance, MPPI, PPI

Sometimes accident sickness unemployment insurance is termed ASU insurance. As the name would suggest it would protect against becoming unable to work after suffering an illness or accident and protect against unemployment by such as being made redundant.

There are different policies for different types of situations. Mortgage protection would cover the repayments of the mortgage. Loan protection would be able to protect any loan and credit card repayments you had to make. Income payment protection would allow you to continue paying your essential outgoings each month.

All policies would have the same basic rules. You pay a premium each month decided by your age and the amount you wish to protect each month. In the case of mortgage payment protection you can also choose whether just to cover against unemployment only or incapacity only to keep down the cost. Age based policies means that the younger generation can take now afford to protect their borrowings each month.

There are certain exclusions to be found in the small print of all payment protection cover. These have to be checked if you are to be certain that you would be able to claim on the cover. Once you have then you can check to see when the cover would begin and end. Payment protection usually starts to provide an income between the 30th and 90th day and would continue between 12 and 24 months. Some providers will also backdate to the first day of you being unable to work or of being unemployed.

Accident sickness unemployment insurance is essential if you have a mortgage to keep up with. By failing to maintain the repayments of the mortgage you are breaking the contract you signed and as such the lender can choose to repossess your home. While they do not do this if at all possible, not being able to agree with the lender on how you would catch up on what you owe, while at the same time missing more of your mortgage repayments means the lender will repossess. If you were to get behind on loan repayments and into debt then you could get a County Court Judgement against you and at the very least your credit rating would be affected and you would still have to make an agreement to repay the loan.

When you take out the loan or mortgage with the lender they will try to get you to take out accident sickness unemployment insurance. They charge way over the odds for the protection and bring in around £4 billion each year solely in profits from tagging on the insurance. Along with this often very little information is given regarding the policy you are taking on and in some cases in the past this has led to consumers taking out cover that they could not hope to claim against. There have been many problems with payment protection in the past but it can be a very worthwhile policy to have. It is also important to remember that the product does work providing you check to make sure it is right for your needs.

About the Author:
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.

Keyword tags: Income Protection Insurance, Mortgage Protection Insurance, MPPI, PPI

Accident sickness redundancy insurance is often pushed by the lender on the high street onto those who take out borrowings with them. In some cases the cover is added in without the consumer really being aware of what they are buying. It can also be added into the loan and then the interest is added on top and in some cases this boost the loan up by almost half as much again.

Accident sickness redundancy insurance is an umbrella term for mortgage, loan and income payment protection. All three policies are taken out for a fixed sum each month which is called the premium and how much this is depends on the provider, how much you want to cover and age. The younger you are when applying means the cheaper you will get the policy and this means that first time home buyers who have stretched their budget to the limit can now afford to protect the roof over their head.

If you have mortgage repayments to keep up with then consider protecting them with mortgage payment protection. By paying out an affordable premium each month you would have the peace of mind that if you were to become unemployed or incapacitated you would not be at risk of getting into arrears. By getting into arrears you are at risk of the lender taking you to court and repossessing your home. As you do not want to have this worry on your shoulders while making a recovery or looking for work, then protection is essential.

If loan or credit card repayments are a worry then you could consider taking out loan payment protection. For a premium you are able to insure the repayments up to a certain amount each month and then continue to pay them with the benefit from the policy. You would not earn yourself a bad mark on your credit rating and you would not be at risk of the lender taking you to court to claim back what you owe through your possessions.

If you want to insure your mortgage, loan and credit card repayments along with your other essential outgoings then you should give income payment protection some consideration. By taking out this cover you would be able to pay them all without having to worry about finding the money or having to put bills off to later date and risk them piling up.

All forms of accident sickness redundancy insurance would begin to provide for up between the 30th and 90th day of continuous unemployment or incapacity. Some providers will also state in their terms and conditions that they will back date to the first day of your unemployment or incapacity but you do have to check as all might not. Once the protection has started to payout then it would continue to do so for a number of months before expiring. Usually providers will offer either a 12 month or 24 month policy. To ensure that you would be able to benefit from a policy you need to check the exclusions against your circumstances.

About the Author:
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.

Keyword tags: Income Protection Insurance, Mortgage Protection Insurance, MPPI, PPI