Certain insurance, sometimes known as protection insurance, can pay out in these instances, but they usually only pay out for a limited time and don’t cover all circumstances.
State benefits may help but most don’t start immediately and usually only last for a fixed period.
There are many insurances that could protect you in case of illness, disability, unemployment or income decreasabilty :
To cover mortgage interest repayments :
Mortgage payment protection insurance (MPPI)
To be protected if you are diagnosed as suffering from one of the specified illnesses:
Critical illness cover
To be paid to help cover your monthly repayments on mortgages, loans, credit/store cards or catalogue payments if you are unable to work:
Payment Protection Insurance
Income protection insurance
To bring financial security for people who depend on you in case you die unexpectedly
Life insurance
