by Ant Insurance
22. April 2010
It seems a forgone conclusion that, whichever party win the election, the mortgage rate will go up. If the mortgage rates go up and the cost of borrowing goes up, the cost of office space and the cost of employing people will generally rise as well. We all hope the economy recovers but in order to reach recovery point, major redundancies are bound to occur and this spells misery for thousands of families.
There’s therefore never been a better time to obtain mortgage protection insurance or income protection insurance that protects jobs and homes from the effect of unemployment.
However, like all things in life, timing is key. If unemployment were to strike soon, have you left it too late to get cover? Most payment protection insurance providers have very long lead periods, some up to 6 months, so you need to have your policy in place well before that 6 month period arrives as if you don’t you may be unemployed nut your policy debars you from claiming until the end of your lead (initial exclusion) period.
The solution, in part, is to get your insurance in place early AND to get one with the shortest lead period possible, such as 2 months with Ant Insurance.
Don’t be fooled into believing the price of income or mortgage insurance is all you need to know as not all policies are the same. Always read the policy terms and conditions