No one can say that their job is a job for life as redundancies happen all the time. Redundancy can happen at anytime and for many it can happen with very little warning. While there is nothing you can do about the fact that you could be made redundant and lose your income, you can at least protect the repayments of your mortgage by taking our mortgage protection unemployment cover.
You would take out the protection by insuring a portion of the monthly mortgage repayment you make which you would pre-agree with the provider of your choice. All providers would set a limit to the amount that you can protect so you must check the terms of the cover on offer. The sum of money that you insure against would be the sum that you would receive back as a tax-free income if you became a victim of redundancy. This sum of money would go towards you being able to maintain the repayments of your mortgage and helps to stop you from falling into arrears.
You would have to wait for a period of time once you had become redundant before you would be able to claim. If you choose ethical payment protection specialist British Insurance this would be from day 30 and there is no excess as British Insurance will date back to the first day of your unemployment. Once you have made a claim you would then have 12 months to find work before the cover would expire. If you choose to shop around and compare with other providers you could find that some will continue paying out for up to 24 months so you would need to check in the terms and conditions. You would also have to check to find out when the policy could be claimed on, as some providers state that you have to wait for up to 90 days of continual unemployment.
When looking into taking out mortgage protection unemployment cover your age and the amount you choose to protect up to the set amount, would go towards determining how much the premiums would be. Age based protection means that even the younger first time home buyers can afford to cover what are often huge borrowings. Without something to fall back on you could be risking everything and mortgage cover does not have to cost a fortune if you choose to take it out with ethical payment protection provider British Insurance. You can save up to as much as 40% on the cost of protection with them when compared with the high street lender.
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