Unemployment worries fuel surge in mortgage payment protection sales
Published ¤ 02/06/2009
As redundancy fears continue to rise, sales of mortgage payment protection, and in particular unemployment cover, have risen sharply in the last few months.
At PKS we have seen a massive increase in the number of people wanting to protect themselves against the very real threat of redundancy. Many of these enquiries have come from blue collar workers, who have seen their friends and family members losing their jobs as companies are forced to cut back, or even close down altogether.
In fact the increase has been so dramatic that many of the companies that offer mortgage payment protection have stopped offering unemployment cover on its own. These companies will only allow it to be taken with accident and sickness insurance, which can increase the cost significantly.
Paul Skinner commented "With demand for this type of cover increasing so dramatically, and many providers refusing to sell redundancy cover on its own, it is becoming ever more important to obtain the right advice. Many people turn to their banks for this kind of cover, however, they are unable to offer anything but their own insurance, which in many cases is unsuitable.
"At PKS we have access to the whole of the market, so we can ensure that our clients get precisely the right cover to meet their requirements."
"Redundancy cover can cost less then £30 per month to cover a £1,000 a month mortgage for up to a year. Many people pay this much for their car insurance or house insurance, but they fail to protect thier mortgage - usually their biggest outlay each month."
With the number of unemployed expected to peak at 3.2M towards the middle of next year, it is now more important than ever to ensure your mortgage is secure if you lose your job.
If you would like a FREE, confidential chat about your options, please call us on the number above, or click here to contact us.
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