Research has shown that mortgage holders often overlook the importance of having the right protection policies in place when taking out their loan. A mortgage is a big responsibility that usually lasts for many years, and as we all know, life doesn’t always go according to plan.The best financial advice when taking out a mortgage is always to consider what would happen if illness, accident or death were to intervene, and have a plan in place to safeguard your repayments. Policies provide an income or pay out a lump sum that can be vital in keeping a roof over a family’s head at a difficult time. A recent survey amongst mortgage holders showed that 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 place.
Many were aware of the need for cover; 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.
1Royal London, 2018
Intrinsic Quartely Magazine Q4 October 2018 FINAL