Secure Your Varied Payments When You Have Loss Of Income!
Your highest financial commitment such as a housing loan, you can rest in peace. Any loan defaults will ruin your mental peace as you have your security pledged against the loan. These days, there is no job security and with a sole bread winner in the family it is difficult to continue meeting up other expenses as well as pay your loans on time.
In the interest of your job security and other issues you must ensure that you have the right protection policy.
– Paying up your mortgage payments
– Paying up your other loans such as education and personal loans.
– Income protection for running your family expenses
– Paying up your medical bills or operation expenses
– Repayment of credit card and other debt.
Usually, people only consider health insurance, policy for illness or accident. And some times unemployment not due to maternity, retirement or voluntary redundancy. But little does one consider payment protection insurance. They fail to understand the importance of this and get into problems and file bankruptcy when they lose their job, meet with an accident or fall sick.
Get an insurance cover that has a broader scope which covers your mortgage payment, loan payment, credit card and other debt ad medical bills etc. In case of a mortgage payment protection it is only used to pay back your mortgages. Remember, that it is not mandatory to have these policies when you purchase a mortgage loan. It is only a necessity but not compulsory! If you feel that you don’t have any savings to pay back your payments in case you lose your job, consider this protective policy.
When homeowners think of insurance, mortgage payment protection insurance (MPPI) is usually one of the last they think of, if they actually think of it at all. Although most homeowners believe it of paramount importance to protect their personal belongings and the structure of their home but they do it with buildings and content cover. But this cover will not protect you in case you lose your job. It is only used against fire, explosion, theft or any inevitable event that damages your house.
If you have a serious illness and cannot pay for months or years, then this insurance cannot help you. The usual maximum payment period is a year. However, the way the debt is paid off by the insurance should mean you are debt free after this period.
Shourya Ray Chaudhuri, Ezine Articles Expert Author.For more information: Income Protection
Get more information: Loan Payment Protection Insurance
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