If you are planning to buy a house and make use of your house as collateral, then you must apply for a mortgage loan. You must be aware that incase you are unable to repay your collateral will be confiscated. You will lose your house due to non payment of secured loan. Therefore, if you feel you may be unable to make your payments at some point of time, then, it is better you opt for mortgage protection cover! This will protect you from any loan defaults. Read on to find out how?
Mortgage payment protection insurance cover – your solace in times of redundancy!
If you are unable to go to job due to sickness, accident, redundancy, lay off etc, then your loan payments will be protected if you apply for a loan payment protection cover. This insurance will safeguard your loan payments till you find another job. In case you opt for a higher insurance premium, you may be compensated till the age of retirement. In case of an accident a person may be bed ridden and will be unable to get back to work in future, in such a case a higher premium insurance will help him cover the loan payments.
Before you opt for an insurance cover, find out what are the limits of the policy. Every policy will have a certain limitation up to which they pay you. If you are aware of up to what extent your loan will be covered in times of redundancy, you will be able to make a right decision. There are other protection cover which will pay you a portion of your income, medical bills and hospitalization charges such as income protection cover. Do not decide on a single policy without understanding its terms and conditions. Compare the rates of the policy and remember that your decision should not be based only on the basis of rates or insurance premium. You must also consider other terms and conditions of the policy!
Importance of loan payment protection:
For most people, their mortgage is the most important financial obligation because their homes are secured by it. Failure to meet mortgage repayment guidelines can result in repossession. Many properties have been saved by the assistance provided by mortgage insurance Part time workers may have been working too few hours a week to be eligible or perhaps were only in temporary employment. Some with previous disabilities may have found that their previous disability would automatically impact on other illnesses or accidents so as to make it unlikely that they would have been able to claim.
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