Payment Protection Insurance

Payment Protection Insurance is a single term for the following insurance plans: Sickness Insurance, Income Protection Insurance, Unemployment Insurance, Redundancy Insurance, and Mortgage Insurance, and during illnesses and injuries you can get sufficient financial security from these plans.

You can be secured financially whilst ill and not working. It is possible to cover a huge part of your income with the help of Mortgage Protection or Income Protection.

 

If you were made redundant, you could rely on the extra amount covered by the policy - payment protection insurance - and you could get the benefit cover amount for up to 12 months until you start your job again .

 

After 12 consecutive months, if you have not returned to work, the payments would stop . To be entitled to claim again you have to work for at least the next 6 months. This is mainly a protective cover to help you maintain your family and life while you are in the process of recovery or searching for a suitable job.

 

Policies of Mortgage Protection are primarily to help those people who need to protect their mortgage payments.