Dilema - should i claim on my mortgage protection policy

Harlen

Just been made redundant as a bricklayer and have a mortgage protection policy in place. My dilema is this:

Claim on policy - which will pay my mortgage for maximum 12 months if can't find work (upside I won't lose house, downside I end up with no money and on benefits!)

or

Become self-employed working temporary contracts (which I can get), but a massive risk as these contract can end at any time - so no mortgage protection as policy would have become void (upside I have a job I enjoy doing and can still earn good money / downside could lose house)

TRAPPED - want a job (really don't want to join the dole queue) but don't want to risk losing the protection I have with the policy - WHAT SHOULD I DO???????:huh:

patman99

Talk to your policy provider. You may find that they will allow temporary work to be undertaken as a s/e person, and will simply ask you to provide proof of hours worked so they can deduct this from their pay-outs.

BTW, if you do decide to go s/e, make sure to pay Class 1 NICs, as you will then be entitled to full benefits during periods where there is no work.

I'm looking at s/e to get me back into work, so have done a bit of research.