There when you need it most – protection insurance: Caroline and Brian's story
Written on 16 November 2016 by
We all know that taking out a mortgage is likely to be the biggest financial commitment we’ll ever make in our lives. That’s why it’s so important to plan for the unforeseen and ensure you have the right policies in place to protect you and your loved ones.
Imagine what would happen if you were unable to work because of an accident, critical illness or even loss of life. It’s not something that any of us would ever want to contemplate but by planning for the unforeseen you can make sure you and loved ones are financially protected.
Caroline and Brian are just one couple who had protection insurance and were able to make a claim due to an unforeseen change in their lives.
Here Caroline explains what having protection insurance meant to her when her husband was diagnosed with severe back pain:
“We were living on what I earned. I work full time, as well as caring for Brian. It was extremely difficult because we had a lot of corners to cut. We went from being a well off family with a comfortable lifestyle, lovely home, two cars and a son who wanted for nothing, to a life where we were counting every penny. I work in finance and trying to get the books to balance wasn’t easy.”
“This took its toll on the whole family, so having protection insurance meant that I didn’t have to worry about paying the mortgage. That was such a relief and such a weight off our shoulders.”
Caroline and Brian claimed on their insurance and discovered they also had critical illness cover. “Our adviser at L&G rang me up to say that the claim was going ahead and that there was decreasing life insurance, which I’d totally forgotten about. I knew my mortgage was protected and that was all really that was important to me. I hadn’t even thought at all about the lump sum on the decreasing life insurance so that was a lovely surprise. Having protection insurance gave us the freedom to relax. We’re secure in that knowledge that no matter what happens, nobody can take our home away from us.”
When to arrange protection insurance
During the process of buying your house our mortgage advisers will discuss the benefits of protection insurance.
We recommend that all clients who have a mortgage consider the benefit of ensuring they are protected. If currently have a mortgage and don’t have protection insurance contact us now on 0330 433 2927.
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.