Do you have the right insurance in place should redundancy or an illness strike?
Protecting your mortgage with Mortgage Payment Protection Insurance (MPPI) gives you the peace of mind that should something unexpected happen, you will have an income to meet the monthly mortgage payments. In fact MPPI can also be extended to cover other household bills such as property insurance or life insurance.
If you don’t have a mortgage then stand alone Income Protection will protect you from accident, sickness or unemployment for up to 12 months.
Many people are now recognising that loan insurance is very expensive when bought with the personal loan or car finance agreement. A cheaper alternative is to buy stand alone loan insurance which you are in control of.
Whilst it is very important to protect your income should you be unable to work, it is also important to look at the situation on death. If you have large debts or a mortgage then it is prudent to protect these with life insurance cover.