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Mortgage payment cover is still facing many problems and faith badly needs restoring. Mortgage protection is one of a family of protection policies that can be taken out to safeguard against you becoming out of work. If you are incapacitated to the point where you cannot attend work after suffering from an accident or an illness, or if you should become unemployed such as through redundancy, a policy could help.Taking out a protection policy...more
A payment protection policy is taken out by those who have credit repayments to make each month and who wish to protect those repayments. A policy can be taken out to cover against being unable to work if you should have an accident or get ill, or become unemployed through no fault of your own. However, there are certain conditions that could mean a policy would not benefit the individual. Due to the exclusions present in all policies designed to safeguard payments, you have to check the cover thoroughly before taking it out. Those individuals who suffer from a pre-existing illness, are of retirement age, only work part-time or are self-employed would certainly have to read the small print very carefully. The cover can be valuable and give a much needed income, but only if the policyholder meets the set criteria. It is also worth nothing that statistics show that only 4% of those who take out a policy actually claim on it. Furthermore, 25% of those who do make a claim find their claim rejected by the provider. You should also make sure that you are not covered for being unable to work by some other means. Around 85% of employers will actually offer much more than the statutory sick...more
Mortgage payment protection cover can be a valuable product to have in your corner if you should find yourself incapable of working. Losing your income through accident, illness or unemployment could leave you struggling when it comes to the financial commitments of your mortgage. However, if you would be eligible to claim against a protection...more
When it comes to buying mortgage protection cover it can still be hard to understand the exact nature of the cover, depending on where you buy your policy. Despite guidelines being set out by the Financial Services Authority many providers are still not giving adequate information at the time of selling the product. This is leaving many consumers...more
Individuals who rely on State support if they lose their income could be at risk of losing the roof over their heads. While some help towards the interest part of the mortgage can be available, you do have to qualify and having more than £8,000 in the bank or a working partner could mean you lose out. Mortgage protection can take over where the State fails, providing you choose the correct policy that will pay out in your circumstances. While you do have to qualify for mortgage cover it does give far better protection for those who lose their income. The main exclusions include being of retirement age, suffering from a pre-existing medical condition, only working part time or being self-employed. The provider can also include other exclusions so you have to read the terms and conditions thoroughly before taking out the cover. However, suffering from a pre-existing medical condition does not necessarily stop you from claiming. Providing the illness has not bothered you during the last two years you could still be eligible. Once you have decided that a payment protection policy is suitable you then have to find the cheapest possible quotes. Taking a policy that is offered alongside...more
When taken out correctly mortgage cover can be a real lifeline if the worst happens and you find yourself unable to work. However, if taken out without considering the terms and conditions and in particular the exclusions, then a policy could be...more
Not understanding loan payment protection is the number one fault associated with mis-selling. Providing cover is suitable then taking out a policy to cover your loan repayments can save you from getting into debt and give you peace of mind and the...more
Author: Arush KeerthiBeing a tenant is considered to be disadvantageous.This is mainly due to the fact that tenants often find it difficult to avail loans.Lenders usually hesitate to approve finance to such borrowers.However,this is no more the...more
Providing you take the time to read the terms and conditions that come with a policy then loan cover can be a valuable asset. It is only when the consumer is ignorant of the exclusions and buys cover that has not been explained fully that problems...more
Payment protection cover has seen many problems over the last few years which have all had a negative effect on the family of payment protection products. One of the many problems associated with policies has been that they are 'pushed' alongside a...more
Those who have loan or credit card debts or a mortgage with repayments to make each month should give some thought as to how they would continue to make these payments if they were to lose their income. While you may turn to savings if an illness or...more