Having a mortgage is a huge responsibility, especially when you consider the amount of money you will have to repay over the coming years. However, as we all know, life can have its ups and downs.
That’s why financial experts always recommend that if you have a mortgage, you should also have some insurance protection in place that would provide an income or pay out a lump sum in the event of an illness, accident or death.
According to a recent survey amongst mortgage holders, 42% don’t have a life insurance policy in place, 71% have no critical illness cover, and 81% don’t have any income protection in place2.
Inertia plays a part in these findings: 20% of full-time working people questioned for the survey recognised that they would benefit from having insurance protection in place, but hadn’t got around to arranging it.
We will be able to recommend a policy that’s cost-effective and provides the right type and level of cover for your circumstances. If you’d like some advice, get in touch.
2Royal London, State of the Protection Nation, 2018
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments