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Mortgage Protection Cover
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Survey reveals that workers are increasingly worried about losing their jobs
A new survey by Birmingham Midshires has revealed that workers are increasingly worried about losing their jobs and the financial consequences that would follow.
The research shows that one in four employees are concerned about their long-term job security while the Council of Mortgage Lenders says only 31% have insured their mortgage payments against the worst happening.
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"Unemployment is their biggest concern about life in the future," said Stephen Derges, Birmingham Midshires’ head of general insurance.
"This underlines the need for people to strengthen their finances and prepare for future possibilities.
"A period of unemployment could result in lose of earnings and inability to pay the mortgage, bills and other loans.
"Many homeowners would be shocked to discover they can’t rely on the state for help.
"There is a shortfall of nine months between a borrower first losing their income and the State carrying out an assessment for help with interest only payments on the loan.
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