Carers Missing Out On Payment Protection Payouts
People in full-time employment who give up work to care for an immediate family member may be missing out on having their mortgage costs met via payment protection policies according to British Insurance
The independent Payment Protection Insurance (PPI) provider said that although a number of insurers automatically provided carer cover in their Mortgage PPI, very few people realise what this means and fail to claim if they voluntarily leave work to become a carer for up to a year.
Burgess commented: “The policies meet monthly mortgage costs should an accident, sickness or unemployment occur and the unemployment criterion is generally interpreted as being made unemployed by your employer. However, those opting to leave their job because of circumstances beyond their control, ie caring, are also covered.”