17:19 19 March 2013
Mortgage Insurance Protection is a program that is offered to borrowers of a home loan. It makes payments for you if you get hurt or lose your employment for a period of time.
This type of program is not mandatory however; some loan companies may add it to their agreement with you. You should probably consider this if you have a hard time finding employment in your area in case of getting laid off.
You should also consider it if your finances are strained due to the amount of your mortgage payment and other bills.
These programs are always means tested. This means that you will need to prove your income level and always be expected to use your money first.
This is part of the program that many people do not agree with or do not want to do.
It works similar to Job Seeker Allowance in the fact if you resigned, got fired for misconduct, or your job was terminated involuntarily. You also will have to be making a claim or already receiving job seeker allowance to get this benefit many times from the company.
So in conclusion you will have to be prepared to wait a long time for any benefits to be given to you. You will have to make sure you legitimately lost your position and be seeking or receiving job seeker allowance.
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