Mortgage payment protection insurance can be taken out to cover the shortfall of your mortgage payments should you become unemployed or unable to work due to a disability. Below are some of the reasons why this insurance is considered by more and more people. For more in depth information please go to our sister site at www.best-mortgage-protection-insurance.com
Who needs unemployment and/or disability protection insurance?
When you look at some of the daunting facts below you can see why some people consider taking out additional insurance in way of mortgage payment protection insurance.
The number of properties taken into possession by mortgage lenders in 2001, according to figures released by the Council of Mortgage Lenders were 1 in 625 mortgages in the UK ended up as a repossession in 2001.
One in three people aged between 25-34 have experienced unemployment for a period in excess of one month
In 2000, there were almost 90 families a day facing home repossession.The main reason was found to be down to problems associated with unemployment forcing then into financial difficulties.
Today figures suggest that nearly one in five households of working age have someone who is currently jobless, that makes a total of 3.4 million households!
Unemployment figures today in Britain will top the 800,000 mark.
Every day 500 people in the UK become unemployed. 60% of unemployed men and 45% of unemployed women will be out of work for six months or more.
In Britain today we are all five times more likely to suffer a serious disability
The amount of people in Britain who will start claiming state disability benefits today will top 2,900.
Shocking figures show that in the UK today there are 1,800,000 people suffering a disability that has made them unable to carry on working for .over 12 months.
Since October 1995 new mortgage borrowers will receive no State help for the first nine months of unemployment or disability.
You choose the term of years the policy will be in place and the level of mortgage income protection insurance cover you require at the outset of the policy.
Best UK Life Insurance is a trading name of Grovelawn Limited, who are authorised and regulated by the Financial Services Authority. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY
FSA Registration Number: 314204