Do You Require Cover?

You may feel that your family or friends have sufficient wealth to bail you out if something goes wrong. Many families stick together in times of hardship although not all of them could afford to help out over long periods if the mortgage repayments where substantial.

You may have savings that could pay off your mortgage or you may have funds that you could draw on to tie you over.

You may already have long term health cover in the form of an income protection policy. These polices do not cover involuntary unemployment but they do cover not being able to work through unemployment or accident or sickness. You obviously need to check that the benefit payments under such a policy are sufficient to cover your needs.

The firm you work for may provide a welfare package that means you will still receive a salary even if you are unable to work for a period of time. You should also enquire as to whether they have a group income protection scheme. But please check the details out as usually such schemes have a waiting period before any benefit is paid. This is called a deferred period and operates like an excess.

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