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Income Protection
Income Protection insurance provides cover for redundancy or in case you have an accident or illness that prevents you from working. This type of policy generally provides a regular monthly payment and you need to ensure that this will be at least enough to cover your mortgage costs - more if you can afford it. The number of months that the policy pays out will depend on the insurance company and the policy. This type of policy may also be referred to as Mortgage Payment Protection Insurance (MPPI).
We suggest you obtain specialist advice from an insurance broker, so that you get the correct cover for your personal needs.
NOTICE: A mortgage is a loan that is secured on your home and you also need to think carefully before securing any other debts against your home. Your home could be taken away by the lender and sold if you do not keep up the repayments on the mortgage or any other debt secured on it -if you are in any doubt, seek independent professional advice. These notes are offered as a general guide only and do not constitute mortgage or insurance advice.
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