True income protection with one policy

Tue, 18 Mar 2008

Monday’s crash on the New York stock market has affected markets around the world, heightening fears of recession and job cuts.

While most homeowners may think taking out a mortgage protection plan (MPPI) and perhaps other separate payment protection insurance (PPI) for other major bills such as credits cards will be the best option to protect themselves in uncertain times, a better choice might be a short term income protection policy that pays out a percentage of your income to help you meet all your bills if you are made redundant .

Duncan Caesar-Gordon, head of protection at Post Office Financial Services, explained: "Each PPI policy pays only one bill. Even MPPI only pays the mortgage . It is important to keep the roof over your head - but what about the other bills like gas, electricity, water, telephone and council tax ?

"We reckon those alone could add up to £4,000 a year for a lot of people and that is on top of the mortgage. So this kind of lifestyle cover is a better answer."
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