Does your employment contract make provisions to maintain your salary if your unable to work due to an accident or you suffer sickness? Some employers maintain pay for a few weeks but most do not.
Are your savings sufficient to support your standard of living if you are suddenly made unemployed through no fault of your own? If your answer to the above is ‘no’ or ‘doubtful’ then you must consider protecting your monthly financial commitments such as your Mortgage and other associated payments. How? By taking out an ASU policy which will help cover these expenses in the short to medium term (most policies will pay benefits for 12 – 24 months). FACT Over 1.65 million people will be off work at any one time through sickness. Fact.
The government will not give you any help with your Mortgage Interest payments until you have been Means Tested and that is not for at least nine months. Can you survive nine months?
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