Imagine for a moment that you go into work and they tell you that at the end of the month you are becoming a victim of unemployment. Just four weeks and then you will not have an income. Your world of course would be turned upside down. How would you continue to pay your mortgage, your loan repayments and of course all the bills that come into the home that keep you living comfortably? Not a nice thought is it? This is why you need to give some thought to taking out unemployment income protection insurance to be prepared for such an eventuality.
With an unemployment income protection insurance policy behind you at least when it came to financial matters such as your mortgage and other payments there would not be a problem. Of course you would have to deal with many other issues such as getting over the shock and the huge change. You would also have to get back to job hunting and it could take many months to find suitable work depending on the type of work, your skills and age. However the policy would cover you for the period of time that it was set out which is usually between 12 monthly payments and 24 monthly payments. You would have to stand to a certain amount of time before the cover would begin to provide your income. Providers could ask between 30 and 90 days before you would be able to put in a claim and some offer to back pay to the first day you become unemployed.
Being able to pay your mortgage is essential. In the worst case scenario if you could not make an agreement with the lender to pay off any arrears and continue meeting the standard payment at the same time you could find them taking you to court. If the judge rules in favour of the judge and without an income coming in, this is more than likely, you would lose your home. You would then have so much time to pack up and move up, this would be set as the eviction date. At the very least you could struggle a great deal each month to keep up the payment and have to make many changes to your lifestyle to keep your head above the water.
Unemployment income protection insurance when taken out with an independent payment protection specialist is based on a monthly premium. This premium is decided by how old you are when you apply for the cover and the amount you want to protect of your income. All payment protection specialists will set a limit on the amount that you are able to cover each month and this is the sum paid back to you. If you take out a policy that is based on age this means that you can get cover far cheaper than someone older. However buying a policy with a standalone provider is always the cheapest way to take out protection, high street lenders often sell payment protection with high premiums.
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