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In times of austerity we all need to think what would be the repercussions if we were no longer working and still had to meet our monthly mortgage payments.
What is redundancy mortgage insurance?
Redundancy mortgage insurance is actually a protection policy in which one can get their mortgages insured and their insurance company will be responsible if they becomes redundant during the mortgage period. In simple terms, if during the period of mortgage you were to lose your job, or for some reason are unable to work, then the mortgage payment will be paid by the insurance company.
The insurance company basically guarantees financial aid to the policyholder during joblessness or absence from job on medical grounds. The amount of payment depends on the quotes and particular policy you have bought.
Main benefits
The primary benefit of Redundancy Mortgage protection is that it covers your mortgage payments, which are the greatest financial commitment you can have. You can get sufficient money to repay the loan or mortgage during unemployment, and your family can remain in the family home. The insurance policy can be easily renewed every year and a few protection plans also cover utility bills.
Main Drawbacks
Redundancy mortgage protection or insurance does not cover you if you quit your job yourself, or if one is fired from the job for a reason not covered in the policy. Loss of finance during a strike and shut down in the company might not be covered under the plan, so as always you need to discuss this with your advisor and read the small print.
Alternative Options
One can go for looking out other options for mortgage protection, as some banks call the cover by different names. You can also investigate debt consolidation loans in order to repay their mortgage or loans, but this will bring other considerations and risk of losing your home.
Buy cheap redundancy mortgage protection
We work with the best redundancy mortgage insurance advisors to provide the best value mortgage protection plans available in the market. Click on 'Get a free life quote' and we will help you find the best value policy that suits your particular needs. Our service is 100% free and you are under absolutely no obligation to take the quote.
Guest article: Written by Susan Walters-Smith.
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