Redundancy or incapacity that prevents us from working can strike any one of us at any time. And one of your first worries will be - how will I pay my bills? Payment insurance - or payment protection insurance to give it its full title - can be the solution to nip any worries in the bud before it happens.
It will provide you with a replacement income with which to pay the household bills, or specific cover for particular commitments like mortgage repayments or other borrowing, in the event of your being unable to work because of an accident, sickness or due to involuntary redundancy.
These will be in the form of monthly tax free payments.
So, I need to have a mortgage, a loan or credit card to qualify for payment insurance?
Not necessarily. Provided you have an income from regular employment, payment insurance can provide a replacement income in the event that you fall ill and are unable to work for a significant period of time - no mortgage or other borrowing commitment is required. Read
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