Get help, advice and information on all your Finance issues. http://advice-and.info/Finance/protection+cover.htm Mon, 04 Aug 2008 15:35:57 GMT en Having to find the money each month to continue meeting your mortgage repayments if you lose your income would be a great struggle. While you could turn to savings to support the outgoings, these could very soon run dry. Relying on the State could also leave you stranded. Considering mortgage payment protection cover is a far better way. The State can give you help but only for the first 100,000 of the interest part of the mortgage. To be able to benefit from this you also have to qualify. You would have to be eligible to claim income support and not have a partner in full time employment living with you. If you had taken out the mortgage after October 1995 then you would have to wait for up to 9 months before you would see any help. http://advice-and.info/Finance/84018_Mortgage_Payment_Protection_Cover_Can_Protect_Your_Home.html Fri, 04 Apr 2008 03:12:21 GMT Sadly, some individuals are not even aware that they do have the option of taking loan protection insurance cover independently. Instead, they believe wrongly that the cover has to be taken out at the time of borrowing. The high street lenders do nothing to dissuade them otherwise because they make profits in the region of 4 billion from selling. Every individual has the option of shopping around and comparing quotes for loan protection insurance cover. Simply by taking the time to do this you can make savings often in the hundreds of pounds bracket. Do not be conned into believing that the loan is dependent on taking out the policy. You not only make savings when going with specialist providers. You also gain access to all the information needed to be able to determine if loan protection is suitable. Other policies might better suit your needs. http://advice-and.info/Finance/83804_Shop_Around_For_Your_Loan_Protection_Insurance_Cover.html Tue, 01 Apr 2008 12:09:12 GMT Individuals are sometimes totally unaware that they are able to take out loan protection cover from a standalone specialist provider. High street lenders do not make it know that the consumer has choices and they can shop around. This is due to them raking in huge profits that are thought to be around 4 billion a year. By going to an independent specialist for your quote, you are able to knock hundreds of pounds off the cost in comparison to the quotes high street lenders offer. In some cases, protecting your loan repayments with the high street lender can boost up the cost of a cheap loan by almost half again. http://advice-and.info/Finance/83803_Compare_Loan_Protection_Cover.html Tue, 01 Apr 2008 12:09:13 GMT While no one likes to consider the fact they could become unemployed by such as redundancy, it does happen. Firms lay people off every day and one of them could be you in the future. If this were to happen then you would be struggling when it came to keeping up with your essential outgoings. In some cases, you would have to cut back drastically to ensure you had the money needed. Income protection cover can replace your income up to a certain amount each month. This would ensure your lifestyle could be maintained. Essential outgoings are such things as your loan, credit card or mortgage repayments. However, there is more to consider than just these. You also have to take into account every bill that you pay each month. The majority of individuals pay council tax and water rates bills and then have such as electric and gas and food bills to pay. You then have to figure into the scenario such as cable TV and any other general monthly outgoings. When all of these are taken into account, it adds up to a tidy sum. While you might have redundancy money, a big dent would be made in it if you remained out of work for any length of time. http://advice-and.info/Finance/83798_Income_Protection_Cover_Replaces_Your_Lost_Income.html Tue, 01 Apr 2008 12:09:18 GMT Loan payment protection cover is one of a family of protection policies taken to insure against a loss of income. In this case, a policy would ensure you had the money needed each month to continue meeting your loan and credit card repayments. A policy would payout if the policyholder should become unemployed or if they had an accident or illness that kept them from working. The cost of cover varies depending on where you choose to take it. While the easiest option might seem to be taking the policy the high street lender offers, usually this is the most expensive protection. High street lenders often charge high premiums that can almost double the cost of borrowing. Independent providers will offer quotes that can be substantially lower. http://advice-and.info/Finance/83652_Check_Out_Loan_Payment_Protection_Cover_Independently.html Mon, 31 Mar 2008 00:04:18 GMT Mortgage protection insurance cover can be a valuable asset to have in your corner in case you should lose your income. If you were to find yourself unable to work after suffering from an accident, illness or if you became unemployed via redundancy, you would be left struggling. In some cases, you could even lose your home due to repossession. In 2005, the Citizens Advice made a super complaint to the Office of Fair Trading (OFT) about the payment protection insurance sector. The OFT began investigating along with the Financial Services Authority. Several well-known names were given fines for mis-selling payment protection insurance, However, mortgage payment protection insurance came through fairly unscathed, with the majority of mis-selling relating to other areas of protection insurance products. The Competition Commission then began an in-depth review and it is hoped that many changes will be seen within the sector when they release their findings. http://advice-and.info/Finance/83650_Mortgage_Protection_Insurance_Cover_Can_Be_A_Valuable_Asset.html Sun, 30 Mar 2008 23:41:02 GMT Mortgage protection cover can provide the policyholder with an income that would ensure the mortgage repayments could be kept up if you lost your income. You could take out cover to protect against becoming unemployed through reasons not of your own such as redundancy. You can also safeguard against the possibility of becoming ill or suffering from an accident. Or you can take out cover for all three. The cost of the insurance will vary depending on how much your monthly mortgage repayments are, your age and level of cover. The cost can also fluctuate between providers. This makes shopping around for cover essential in order to get the cheapest quotes. The cheapest quotes can be found with independent providers. While mortgage protection cover can be taken alongside the borrowing this is one of the most expensive ways of protecting. Often little information is given at the time of borrowing which in the past led to policies being mis-sold. http://advice-and.info/Finance/83648_Mortgage_Protection_Cover_Helps_Cover_The_Cost_Of_Your_Mortgage_Repayment.html Mon, 31 Mar 2008 02:46:25 GMT Getting behind on your mortgage could mean that the lender would take steps to repossess your home. If you are unable to work or have been made redundant then this is the last thing you need to worry about. However providing you look into it, mortgage payment protection would allow you to continue meeting the repayments. A policy can be taken out to safeguard against the possibility that you might be made unemployed by such as redundancy sometime in the future. It can also be taken out to protect against being unfit for work due to suffering an accident or illness or it can be taken out for all three. The cost of the premium that is charged will be reflected on this. Other factors that determine the cost, is how much your mortgage repayments are and your age. http://advice-and.info/Finance/83590_Cover_Your_Monthly_Mortgage_With_Mortgage_Payment_Protection.html Sun, 30 Mar 2008 02:45:39 GMT If you have loan, credit card or mortgage repayments to service each month then you could benefit from taking out payment protection cover. You could also benefit if you are in full time work and wish to protect your outgoings in general. Payment protection cover is a term that is used for a family of insurance policies. They include loan protection, mortgage protection and income protection. While they all do the same thing, which is to provide the policyholder with an income, they do so for different possibilities. http://advice-and.info/Finance/83583_Payment_Protection_Cover_Provides_Security_By_Way_Of_An_Income.html Sun, 30 Mar 2008 02:46:53 GMT Those who have loan or credit card debts or a mortgage with repayments to make each month should give some thought as to how they would continue to make these payments if they were to lose their income. While you may turn to savings if an illness or accident prevented you from working for a short period of time, any savings you had would soon dwindle. If you were made redundant then it could take some time to find another job and struggling to meet your monthly commitments would only add pressure to already stressful circumstances. Income protection cover taken out with a specialist provider could give you a replacement income if you lost yours, along with peace of mind. Payment protection insurance can be taken out for fixed monthly premiums, based on how old you are when applying for the cover and how much you need to cover each month. There is a limit to the amount of your income that you are able to cover and the provider will give details of this in the terms and conditions. By going with a specialist for the protection you can be sure that the policy will be a quality product. It will come with very few exclusions and cover is backdated to the first day you came out of work. Of course, the biggest advantage of getting a quote from an independent provider is the money you will save on the cost of cover. Standalone providers that only sell payment protection will not go for the huge profits that the high street lenders do. http://advice-and.info/Finance/79565_Income_Protection_Cover_Could_Provide_A_Replacement_Income.html Sun, 24 Feb 2008 07:21:39 GMT Mortgage protection insurance cover can work in the way it is supposed to, but only if it is suitable for your circumstances. The only way you can be absolutely sure that the policy suits your situation is if you take care to read the terms and conditions. Some individuals cannot read the terms and conditions simply because they are not offered them and so do not know they exist. This is due to poor selling techniques being used at the time of selling, either because high street lenders want to push the cover alongside the loan or those selling cover have no training in selling. One sure way of getting access to all the information needed to make an informed decision is to get quotes from independent providers. Ethical providers will ensure that the information needed is available to those wishing to purchase cover. The exclusions in a policy vary depending on the provider, but there are some that are often seen in policies. Being of retirement age, suffering a pre-existing medical condition, being self-employed or working only on a part-time basis could mean mortgage cover is not suitable. http://advice-and.info/Finance/79404_Mortgage_Protection_Insurance_Cover_Is_Not_Suitable_For_All_Individuals_So_Make_Sure_It_Is_Right_For.html Mon, 25 Feb 2008 11:10:28 GMT Mortgage payment protection cover can be a valuable product to have in your corner if you should find yourself incapable of working. Losing your income through accident, illness or unemployment could leave you struggling when it comes to the financial commitments of your mortgage. However, if you would be eligible to claim against a protection policy then payment protection for your mortgage could provide you with a tax-free income. You do have to make sure that the exclusions found in all payment protection policies would not stop you from claiming. Suffering a pre-existing medical condition, being retired or self-employed, or not being in full-time employment could stop you from being eligible. These are just some of the reasons frequently found in a policy and providers can add in others. With this in mind, it is essential that you compare not only the quotes but also the terms and conditions. http://advice-and.info/Finance/79398_Shop_Around_For_Mortgage_Payment_Protection_Cover.html Sun, 24 Feb 2008 07:19:35 GMT When it comes to buying mortgage protection cover it can still be hard to understand the exact nature of the cover, depending on where you buy your policy. Despite guidelines being set out by the Financial Services Authority many providers are still not giving adequate information at the time of selling the product. This is leaving many consumers unaware of the exclusions that exist in their cover, which can stop them from being eligible to claim. Some of the most frequently seen exclusions include if you only work part time, suffer from a pre-existing medical condition, are self-employed or have retired. However, these exclusions are not cut and dry. For example, if the individual has not had a re-occurrence of the illness within the last two years it could be worthwhile talking out a policy. With these exclusions in mind it is essential that you go over the terms and conditions of any cover you are thinking of taking. http://advice-and.info/Finance/79397_Mortgage_Protection_Cover_Still_Complicated_When_It_Comes_To_Buying.html Mon, 25 Feb 2008 07:23:13 GMT