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As a nation of homeowners, we are particularly vulnerable to the effects that accident, sickness, or unemployment could have on our ability to meet our monthly mortgage repayments. In view of this, it is quite alarming to note that of the 11 million mortgage borrowers in the UK, only 20% currently have any form of independent insurance to protect their mortgage repayments in the event of accident, sickness, or unemployment. A large number of borrowers wrongly assume that State Benefit will protect their mortgage repayments if they are off work sick or lose their jobs. But in actual fact, only 30% of people who put in a claim for State Benefit in respect of their mortgage repayments receive any help. This is because: - If you took out your mortgage on or after 1 October 1995 you will not receive any State Benefit for the first nine months of sickness or unemployment. - If you took out your mortgage before 1 October 1995 you will not receive any State benefit for the first two months. After that, you will, subject to eligibility, receive 50% of the full entitlement for the next four months. - If you and/or your partner have more than £8,000 in savings, you will not receive any State benefit. Restrictions also apply if you have more than £3,000 in savings. - If your partner works for more than 16 hours a week, you will not be entitled to State Benefit. Even for those who are entitled to State Benefit, this assistance only applies to the interest element of your mortgage repayments. Any capital repayments or any premiums for associated life cover/savings vehicles are not covered. If you fall behind with your mortgage repayments and cannot repay the debt, you could end up losing your home. That's why the Council of Mortgage Lenders encourages all mortgage borrowers to consider taking out mortgage payment protection insurance - also known as accident, sickness and unemployment (ASU) cover. This type of protection will help you to cover your mortgage repayments and any associated insurance premiums for up to a year if you are unable to work due to unemployment, accident, or sickness. - You choose the amount of cover you need per month - You choose the type and level of cover required - You choose how long you want to wait before claims are paid - You pay a low monthly premium - The policy pays a fixed monthly benefit for up to 12 months if you are unable to work due to accident, sickness, or unemployment. You will normally be able to make a claim if: - you have lost your job in circumstances beyond your control - e.g. redundancy - and are registered as unemployed, or - you are unable to work due to a disability/illness and you are under the regular care of a doctor or consultant.For more information on protecting your mortgage repayments, visitthe UK Mortgages & Remortgages website. ------Copyright 2004 David Miles. You are welcome to reproduce this article on your website, so long as it is published "as is" (unedited) and with the author's bio paragraph (resource box) and copyright information included. In addition, all links to external websites must be left in place.
Don,amp,#39,Let,Illness,Unempl