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Redundancy Mortgage Protection
When one takes a loan, especially for making a big investment like buying a house, payment of the monthly installments is a necessary. However, an absence of a regular income would most definitely entail a serious problem. Thus, one needs to make provisions for redundancy mortgage protection to secure their future.
What is Redundancy Mortgage Protection?
If one has taken a home loan to finance the purchase of a house, repayment through monthly installments is the general norm. However, failure to generate these installments in time may have serious consequences such as eviction or repossession of the property. To prevent such a state from arising, one can secure themselves by taking up an insurance policy that aims at redundancy mortgage protection. In this regard, one can be open to several options.
The most common phenomenon for first time house owners is to subscribe to a Mortgage Payment Protection Insurance policy. This plan ensures that if the regular income of a policyholder is abruptly stalled, either due to illness, accident or involuntary redundancy, i.e., unemployment, the monthly loan installments are paid. The scheme covers one’s loan repayment, and in certain cases, may also provide cover for some household expenses.
A popular option for redundancy mortgage protection is taking out an insurance plan similar to income insurance. This type of insurance policy works so that any loss of income due to illness or injury, it will provide a tax-free sum of money to the policyholder periodically, thus allowing you to cover costs such as your mortgage repayments.
We work with redundancy mortgage specialists to provide access to the very best redundancy mortgage protection quotes. You can save £1000s whilst getting peace of mind that you and your loved ones have access to world class insurance.
The terms and conditions for both these Insurance policies are different. The term of these policies is usually for 6, 12 or 24 months, throughout which benefits are provided. However, when the term ends, or the person finds employment, the funds are ceased and one has to cater to their own expenses.
Main Benefit of Redundancy Mortgage Protection
Having some nature of redundancy mortgage protection is necessary is one wishes to avoid the circumstance of possible eviction from their home, or even repossession of their property. An insurance policy that covers one’s mortgage in such trying times is a very big support and burden off their shoulders.
Main Draw-back of Redundancy Mortgage Protection
The basic disadvantage of having an insurance policy that targets redundancy mortgage protection is that the initial costs are not too low, though essentially affordable. Moreover, the benefits and funds are meted out only for the pre-decided term of the policy, and not necessarily till one regains employment or is sufficiently equipped to meet their expenses.
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