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Income protection insurance can prevent repossession

Income protection insurance can come in handy if redundancy occurs by providing a place to fall back on, according to Alessia Horwich and Julian Knight, writing in the Independent.

The property market may be showing green shoots of recovery but many consumers are facing a bleak situation, which can quickly deteriorate if they are made redundant, argue the authors.

Negative equity can hit homeowners very hard if a change in circumstances such as the loss of a job, illness or an accident occurs, according to many charities, and this can lead to repossession if payments are not made.

However, "an emergency savings cushion of between three and six months' salary can make a huge difference, as can buying income protection insurance, which will pay an income should you lose your job", said the authors.

Income protection insurance can provide funds of between 50 per cent and 65 per cent of one's salary until retirement age is reached or a full recovery is made, according to a recent article in Lovemoney.com, which also recommended accident, sickness and unemployment cover.

Consumers are advised to be proactive and search for a product that meets all their requirements to get the best insurance deal.

 

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