People insure their house contents, their pets, their car, their holidays and luggage; and even their mobile devices…
But less than half of the UK population are protected in way that would ensure they could cover mortgage payments if they were unable to work.
Taking on a mortgage will likely be your life’s largest financial commitment and your mortgage lender will expect your monthly payment to be made on your mortgage regardless of your personal circumstances.
So, although cover is not compulsory, without it there is a chance you will leave yourself or your loved ones in a financially vulnerable position. More often than not peoples’ home is one of their biggest investments, yet some do not have it protected. Martin Graham of MG Financial Solutions said:
“When we first meet with our clients’ we recommend a full financial protection health check to ensure that should the worst occur, the family home would not be at risk.
“At MG Financial Solutions we are certainly not a company that hard sells – we are simply all about ensuring our client’s homes are as safe as possible through protection cover, such a life insurance, critical illness cover or income protection. We take every step to help customers mitigate the risk of losing their home in the event of the loss of a loved one or by someone being critically ill.
“Statistics show that generally some of the more serious illnesses become more common in later life. However, many illnesses, do not pick and choose by age. All policies are flexible and tailored to client’s individual circumstances and budget.”
So now you’ve come to accept that mortgage protection is in some form important, which is right for you?
Life Insurance – it does what it says on the tin. It insures your life for a specific agreed amount, should any of the policy holders pass away.
Income Protection – This pays out a specified monthly amount in times of accident, short- or medium-term sickness. This is particularly useful if you are self-employed and there is no employer sick pay to fall back on. This is also extremely beneficial for single applicants who do not have the safety net of a second household income. This is capped on your earnings.
Critical illness – There are many different conditions covered by a critical illness policy and all providers have these defined on their key facts documentation. This cover pays out a lump sum on diagnosis of a specified critical illness – this does not have to be a terminal diagnosis which is a common misconception. This can provide a lump sum or regular monthly pay out to financially support you or your loved ones.
Even if you already have a mortgage in place and you were not advised by MG Financial Solutions, the team will still give advice on any protection needs you may have. This is a completely free service with a fully qualified adviser.
Please get in touch:
Telephone: 0191 2594616