Mortgage Protection – the Best Self-Care for 2024
Written on 2 January 2024 by
New Year, New YOU is how the saying goes, which is quite poignant for this time of year. Fresh start and all that.
Now most people will associate this saying with meaning healthier eating and a new exercise regime in the new year, which is always a great idea but shouldn’t be the only self-care we practice. Peace of mind is important – which brings us onto the protection of our finances and the lives we’ve built.
Whether you’re a homeowner, buy-to-let landlords, or a renter you should consider some form of insurance so you know you’ll be financially stable no matter what life throws at you. Not everyone needs every form of insurance and protection out there, but as the average household is just 19 days from the breadline (source L&G Deadline to Breadline) it’s important to discuss your unique needs with a qualified professional who can review your individual circumstances and advise accordingly.
Different personal insurances cover different things in the event of unforeseen circumstances.
For example, you can arrange cover to ensure:
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You always have enough monthly income to go towards bills and more
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The mortgage will be paid off for your family if you pass away
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You will receive a lump sum if you’re diagnosed with a critical illness
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Your children or any financial dependents will receive a monthly benefit if you pass away
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And more
A recent survey found that only 44% of households have sufficient life cover to protect their family, reducing to 35% of households with a mortgage. A frightening statistic, which highlights how many people are at risk of repossession if they cannot afford their mortgage after a terrible life event.
Most people think that these insurances are expensive, but that doesn’t have to be the case. A good protection adviser will find you protection that suits your budget. Furthermore, if you do find yourself in a situation where the protection you want is outside of your current budget, your adviser will be able to recommend where to cut back so you can afford the protection you deserve.
Get in touch with us on 0330 433 2927 to speak to an expert protection adviser. Start the new year with a clear mind.
Category: Samm Walker
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.