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Tenen Haus
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> Unemployment Insurance
> Unemployment Mortgage Insurance - UK Guide
 About this type of cover
Buying a home is one of the biggest investments you are ever likely to make, and for most is a huge financial commitment. Any adverse changes to income can have a serious impact on our ability to pay the mortgage on our homes, and a total loss of income through unemployment could mean losing the home altogether.
Unemployment mortgage insurance offers protection in the event that you find yourself unemployed unexpectedly and through no fault of your own. You can enjoy increased peace of mind with unemployment mortgage protection, and you can rest assured that your mortgage repayments will be protected for a specified period whilst you concentrate on finding regular income again.
Summary of Cover
The features and cost of cover will depend on the level of unemployment mortgage insurance that you take out. There are a number of additions available with unemployment mortgage insurance. You can add mortgage life cover, or you can go for ASU (accident, sickness and unemployment cover) for increased peace of mind and protection. It is important that you check the policy features and details of any unemployment mortgage insurance policy carefully before you commit to any particular cover plan.
Extras
There are a number of extras available with unemployment mortgage insurance, and although you may have to pay a little extra on your premiums these could prove invaluable in the future. You can select from extras such as:
Critical Illness Cover, which can provide valuable additional peace of mind in the event that you are unable to earn money due to critical illness. The lump sum paid out is yours to keep even if you go on to recover.
ASU (accident, sickness and unemployment) cover means that your premium payments will be covered in the event that you are off work and without an income due to accident, sickness or unemployment (subject to terms and conditions). This is a more comprehensive cover and offers increased peace of mind.
Additional Information
It is imperative that you check any unemployment mortgage insurance policy before making a commitment to ensure that it provides the levels of cover that you require. Policies can differ from one insurer to another, and it is advisable to compare both premiums and features before making a decision. The claims procedure can also vary from one insurer to another, although most insurers will require evidence relating to your loss of income/unemployment. You should ensure that you and your partner/next of kin are familiar with the claims procedure.
Free Extras to Look Out For
There is no guarantee that you will receive any free extras with your unemployment mortgage insurance cover, but some insurers do offer extra, particularly with higher levels of cover. You should check with the insurer with regards to any additional extras they can provide, and because competition is fierce in the insurance field you may find some excellent deals with a range of free benefits.
Saving Money on your Cover
If you want to save even more money on your unemployment mortgage insurance cover there are some steps you can take to cut costs. These include:
Shop around as the cost of cover and the benefits of cover can vary from insurer to insurer, so it is important to compare the various deals on offer.
Go online as the Internet is often home to some of the cheapest unemployment mortgage insurance deals around, and you can also enjoy far more choice. Some insurers offer additional discounts to online customers.
Combine your cover with valuable add-ons such as critical illness cover, or a combined life and ASU cover rather than taking out separate policies, as this can work out much cheaper.
Further Information
You can obtain further information with regards to quality insurance cover from the Association of British Insurers on the link below: http://www.abi.org.uk/
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