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Gundlapallis (Advocate)     15 March 2010

idea for new risk coverage

Of late due to depressions we saw lot of companies downsizing their staff and people getting unemployed overnight.  Adding to their owes Banks and other financial institutions those have advanced them loans give them such pressure they go mad before they relocate somewhere else. 


In this context, why there shouldn't be an insurance policy to cover the risk ? i.e, until the period of his relocation the insurance company will take up to pay all his EMIs.  So that he will have some peace of mind and can concentrate on his efforts for relocation.  Hope this idea would save a number of families that suddenly fall in financial distress overnight, as it is quite commonly happening and suffer blows, that would never let the family financially recover.  This will also save many people who are now living 'runaway' lives, unable to defend themselves from their misfortune.

 1 Replies

mahendrakumar (marketing)     15 March 2010

it is a very good suggestion. there are mortgage insurances already existing by which the debt of the insured is taken over by the insurance companies on his/her death.

However,i have never heard any insurance schemes which temporarily taking over the risk of EMIs anywhere in the world.

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