Income Protection and Mortgage Payment Insurance The two income protection and mortgage payment are outstanding goods in regards to ensuring that you'd have the cash required to have the ability to keep on fulfilling your obligations if you lost your earnings. A lost income may happen through injury, sickness or unemployment.
Income protection would allow you to insure up to a certain amount of your own income, while mortgage payment insurance covers your mortgage repayments. Covering the repayments of your mortgage each month is essential if you are to remain in the property. You can get information about mortgage payment protection programme through the internet.
If you get behind on your mortgage and into arrears then you are looking at the lender taking you to court to seek repossession of your home.
Even a single missed payment would be enough for the lender to contact you and you would have to come to an agreement with them to catch up, if you cannot reclamation will be imminent. Mortgage payment insurance can be taken out just to cover the repayments of the mortgage.
However if you wanted to ensure that you would have the money needed to pay your mortgage and also have the money to continue meeting essential outgoings then you could consider income protection.
Income protection allows you to cover up to a certain amount of your own income and then this is the sum you would get back if and when you needed to make a claim.