Should I take out Unemployment Insuracne when I buy my house.

                

       So many people when purchasing a house for the first time consider unemployment insurance, or mortgage payment protection as it is also called, to be an additional and unnecessary expense. In the good times this may have had some basis for argument, but in the current era of fiscal tightening it does not.

Unemployment insurance is just that; it will protect your monthly mortgage repayment should you lose your income due to unemployment, accident or sickness. Many providers of unemployment insurance do supply standalone unemployment cover but equally many offer accident and sickness with it and the latter can often work as just a few pence more expensive so it may be worth considering a full Accident, Sickness and Unemployment policy.

When you purchase your house the mortgage company will often offer you unemployment insurance alongside your loan; whilst they have become a great deal more competitive in recent years it is always best to shop around and a good standalone internet provider of payment protection will generally give you much better rates.

However be very aware of the small print; look out particularly for the length of the exclusion period; if you are told within that period that you will be made redundant you will not be able to claim. Look out to for pre-existing conditions if you are taking out accident and sickness insurance side your unemployment insurance.

Buying an unemployment insurance policy takes time and effort; this is the policy that can take the pain and distress of loss of income away and replace it with breathing space that you will badly need so it is worth taking time to choose the right policy.

Ensure you carefully read the Policy Terms and Conditions; never be pushed into signing anything until you are confident that his the right unemployment insurance for your own personal needs. If in doubt ask the customers representative for clarity.

Buying a home is tempting now that prices are falling but if you then lose that home due to not taking out adequate unemployment insurance is will be a painful and expensive exercise.

Credit by:goartices.com