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Income Protection Covers Your Commitments Against Unemployment

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Income Protection Covers Your Commitments Against Unemployment By Simon Burgess

Many individuals are aware that they are able to cover their loan or mortgage repayments as the lender usually asks them if they wish to take out a policy. However you can also choose to cover your income against unemployment or incapacity due to sickness or accident. Income protection allows you to cover a wider range of outgoings by ensuring that if you cannot work or are unemployed through no reason of your own you would receive a replacement income. There are standalone specialist providers who for a premium each month will allow you to insure up to a certain amount of your own income. This would then be paid back to you once you had been unable to work for a certain length of time or had been unemployed. The income would be tax-free and you would then be able to use it to repay all the bills you regularly maintain. You would have the money to be able to pay your mortgage repayment when it was due and this is one of the biggest outgoings that you have to maintain. Failure to be able to keep up with the mortgage repayments means that you are at risk of having your home repossessed. Even by getting behind with just one monthly repayment the lender would send a warning letter and ask you to show how you can keep up with your mortgage along with repaying the arrears. If you cannot do so and continue to miss repayments then you would be at serious risk of losing your home. With income protection behind you, you could also continue to meet any loan repayments you have or credit card debts. You would also be able to continue putting food on the table and pay bills to keep your home warm and lit. There would be no having to juggle your bills around in order to be able to pay them and this gives enormous peace of mind. It would allow you to concentrate on making a recovery and getting back to work or would give you the time to be able to search around and find work again at the same salary that you were getting. You do have to shop around for the policy to get the best deal as the cost of protecting your income will vary greatly from provider to provider. The terms and conditions of the cover will also vary and these have to be checked when looking for a policy. These will hold the exclusions to be found in the policy and when cover begins and ends. All income protection policies will only pay out for so long before the cease and there is also a waiting
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period of being unemployed or incapacitated before you are able to put in a claim. Some providers will offer protection that would begin to provide you with an income after 30 days; others may state that it could be as much as 90 days before their policy would payout. Policies can usually be taken out to supply you with an income for between 12 months and 24 months and some providers will offer to backdate your policy to the first day of becoming unemployed or from being unable to work. 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.

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Unemployment Income Protection Insurance Tips By Simon Burgess

One of the first tips when looking to take out unemployment income protection insurance is to not confuse this product with one of a similar name. Income payment protection and income protection insurance are two separate products. Income payment protection pays in the short term and cover unemployment along with accident and sickness. Income protection insurance would just cover accident and sickness, not unemployment and it pays out over the longer term which could be up to the age of retirement. So when looking for protection for your income against unemployment then it is income payment protection that you need to buy. Another tip that will save you a great deal of money is to buy your policy from an independent payment protection specialist. High street lender usually offer policies but they charge huge premiums which boosts up the loan or mortgage considerably. You do have to know what is included in unemployment income protection as all providers will add in exclusions. These have to be checked against your circumstances so that you know you would be eligible to claim against the policy. Once you have then you can look at when the cover would begin to provide you with an income and when it would end as this differs with providers. Usually cover would start somewhere between days 30 and 90 of unemployment and some providers backdate the policy to the first day of unemployment. You would then be able to relax and concentrate on finding work while replying on the policy for between 12 months and 24 months. Unemployment income protection insurance is taken to ensure that you would have something to rely on if you lost your own income. The income it provided you with would be the sum that you insured when applying for the policy and it would be tax-free. You would be able to use the money to pay a wide range of outgoings that needed keeping up with each month. One of the most important of these outgoings would be your mortgage payment. Your policy would provide you with peace of mind that you are not going to get into arrears. Getting into mortgage arrears and not being able to catch up means that the lender will repossess your home through the courts and a judge will set an eviction date. You could also see yourself appearing in court if you cannot keep up with loan and credit card repayments. If you get behind on these then you would at the least earn yourself a bad credit rating. This could make getting any kind of credit very hard in the future as all lenders take your credit file into account. Depending on the amount you owe your lender could take you court to claim what you owe through possessions and this means a judge will send bailiffs to your home. Unemployment income protection insurance can put a stop to all of this and much more. It would allow you to be able to continue meeting all essential bills that go out each month and which keep your home running. It would also mean that you would be able to continue living your current lifestyle and not have to make many changes. Simon Burgess is Managing Director of the award-winning British Insurance ( http://www.britishinsurance.com), a specialist provider of low cost income payment protection

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insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.

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