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12 Jul 2020

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Income Protection News

Unemployment cover vital as second wave of repossessions is predicted

Property owners who are yet to think of future financial protection with life insurance, income protection or unemployment cover may want to do so in light of a new warning from housing charity Shelter.

According to the charity, the effects of rising unemployment and interest rates will hit home over the next few months, which will result in a second wave of arrears and repossession.

This underscores the need for mortgage holders to think of ways of ensuring continuity in repayments even if they are made redundant, which can be achieved with mortgage protection insurance.

Over the last year the charity has recorded a 250 per cent rise in mortgage-related calls to its free hotline, thousands of whom "are just about managing to pay their current mortgage", according to chief executive Sam Younger.

"A sudden hike in payments or change in circumstance like unemployment can easily be the trigger that fires them towards mortgage arrears and ultimately repossession," he explained.

This often leaves them with "no other choice but to rely on the kindness of family and friends and facing an uphill battle to rebuild their lives again".

However, with protective measures such as mortgage insurance in place, this situation can be avoided.

If you would like to compare mortgage life insurance and protection policies Go Direct have a new insurance comparison system. Our new comparison system lets you compare the leading insurance companies polices quickly and easily.

 

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