As a nation we are happy to insure our pets, cars and even mobile phones, but many of us fail to protect against the worst happening to our mortgage repayments.
Your mortgage is the single most expensive financial contract you will ever enter into, but millions of people fail to safeguard the payments which will keep the roof over their heads.
Mortgage expert Hatice Karadal said that taking out protection to make sure you can make your mortgage repayments is something we should all consider.
She said: “Taking out a mortgage loan is one of the largest financial commitments most people make in the UK. As such, it is important to make the right financial arrangements.
“Although it is not compulsory to take out this kind of cover, we strongly advise that you to consider it if you’re taking out a mortgage.”
She pointed out that statistics show that someone in their mid forties can be subject to many ‘unforeseen circumstances’ which can affect their financial as well as physical health.
She said: “These unforeseen circumstances, such as sickness and accidents, can actually be quite common when you look at the statistics. Cancer, heart attack and strokes have an average age on claim of 47 years old.”
The average mortgage debt in the UK is £85,000 with affordable monthly repayments unless something goes wrong.
Without insurance cover what would you do to continue paying off your debt? It’s a sobering thought that such problems might by lying ahead in the future, but statistics show that, regrettably, bad things do happen.
Cancer Research UK say someone somewhere in the UK is diagnosed with cancer every two minutes.
Life insurance versus mortgage protection
Life insurance will ensure your family is looked after if you die from the illness or condition you may be in, but what happens if you don’t die? How will the bills be paid then?
This is where the mortgage protection policy steps in and makes sure that whatever else happens your family will continue to have a roof over their heads.
We can help
Choosing the right policy for your personal situation is not an easy job.
But here at FPL we have the knowledge and experience to help guide you through the various options so you can select the policy best suited to your needs.
We can provide you with insurance information and tailored quotes for a whole range of products from the country’s top insurers.
Our friendly staff will take time to understand your personal circumstances and needs, and put together a policy that is right for you.