Every bit you know, Life is absolutely unpredictable, and no one knows about his future. May be, today you are a healthy person, earning a handsome amount daily from your work, and enjoying your life with your family and children. But tomorrow, you may not be in this case. You may become suddenly unemployed because of a lamentable accident or sickness that will influence your financial permanence.
Usually, a majority of peoples in the world may lose their hope totally when they trapped in that kind of situations as they are not protected financially, even they deserves some sort of support from government or society. According to a research, approximately 30% of the people who qualify to get some support from the government or from somewhere else but about 70% of individuals fail to qualify to avail of Income Support.
In such type of situation mortgage protection cover play its role to give you the ultimate protection and peace of mind from these disasters and also covers you from future problems and difficulties. It gives you protection in case of hospitalization, accident and sickness that makes you disabled, involuntary unemployment or if you had to resign from your job to become a full time caretaker of a disabled family member.
How Mortgage Protection Covers Works?
It covers a lot of areas. It offers you different option to choose what type of mortgage protection you need like whether you want just accident and sickness, or only unemployment cover. It also allows you to make different monthly installment to pay your mortgage premiums to your lender. With the mortgage protection cover, your monthly repayment and possibly any other related payments or expenses such as insurance premiums for your house are covered so should the worse happen, you can have the peace of mind that the roof over your head is completely protected.
Mostly mortgage protection cover policies only offer 12 months payment of your mortgage even some policies offer a shorter period of time, six months to be specific, depending on the nature and circumstances with respect your age and health.
Who May Eligible For Mortgage Protection Cover?
In the UK, Isle of Man or Channel Islands you are ordinarily eligible to avail of a mortgage protection insurance policy if you are assembling the following standards:
1. You are 18 years old at least and under the age of 65.
2. You are a permanent resident and working within the UK, Isle of Man or Channel Islands and also qualify to receive Jobseeker’s allowance.
3. You have been working for over six months in the same company and if you are a contract employee or self-employed, working for more than 16 hours a week.
4. You are availing of the Mortgage Payment Protection insurance policy in order to protect the mortgage on the private residential property you are residing in.
It is not easy to understand mortgage protection cover as it fares with a host of conditions, but it is something you definitely need to possess a sound grasp of before you avail so that you know what are covered and what are not on your mortgage protection policy. Regarding all the facts, it would be better for you during worst financial conditions and will give an ultimate satisfaction and protection while you face any type of disaster.