Thursday, February 25, 2010
If you happen to have some serious illness and do not have medical insurance, you should be aware that you will be out of office for a longer time. You may have to take bed rest with out any salary paid out to you. Have you thought of how you may bear the expenses of your family? What about the medical expenses, grocery bills, kid's education fees and other miscellaneous bills?
Payment protection insurance would be ideal to protect your monthly earnings when you are out of office for various reasons. You may be ill, met with an accident or are redundant. Such a protection cover will let you enjoy your financial freedom undisrupted by your illness, accident, redundancy or death.
It helps you make your mortgage payments on time and not face any embarrassing situations of a bankruptcy or county court judgements. No lender will harass you or make collection calls if you are not paying mortgage loan's EMI, equated monthly instalments on time. In fact your protection cover will avert such a situation for you. The compensation paid by an insurance company will be sufficient to make your loan payments on time.
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Don't sell your house in a crisis situation if you have your protection cover in place. It basically covers three aspects, income payment, mortgage payment and unemployment payment. No crisis situation will deter you from enjoying your three square meal with your family and friends. Heave a sigh of relief in case you were to take bed rest. You will get a compensatory income from your policy provider which will take care of your necessities.
Get started to protect your mortgage, income and unemployment situation. Nothing can hamper you from getting your income on time be it your illness, accident or redundancy etc. You still continue to carry out your normal activities and meet your financial obligations at peace.