CFA Protecting your loved ones and your mortgage debt
HOW MUCH WILL IT COST?
Premiums are based on your personal circumstances. Usually, the younger you are, the less you’ll pay for protection products. We all want security for our future, a chance to maintain the financial stability we have worked so hard for. That’s why it’s important to think ahead and plan for the future.
WHO CAN BE COVERED?
It’s also important to remember that it’s not just the main wage earner that you may need to consider when working out the amount of cover you need. Have you thought about the value of the work you or your partner does around the home?
Legal & General’s 2015 Value of a Parent research found that the average mum does £29,535 worth of unpaid domestic work around the home each year, and for dads it’s £21,601.
Buying a home is a big commitment, so your adviser may talk about the options around helping to protect your home, belongings, health and loved ones. If you’re remortgaging or moving home, it’s a good time to review any existing arrangements to help make sure you have sufficient cover and they’re still the right products for you.
Once you’ve had your mortgage approved, the next step is to think about protecting your home and loved ones. The mortgage isn’t usually the only payment you need to make each month. What about covering everyday bills and expenses? Utility bills, food shopping, travel costs, childcare – the list could go on.
It’s not nice to think about, but:
- How would one partner cope financially with the death or critical illness of the other?
- Could you afford to maintain your current lifestyle?
- Could you afford the financial costs of raising your family?
Protection products can help provide financial peace of mind when it’s needed most. They’re designed to provide you with a cash sum or monthly benefit, depending on the product you choose.
Having protection cover in place could help you:
- Maintain your standard of living
- Pay your monthly bills and meet your daily living costs
- Pay off your debts
- Afford to stay in your family home rather than have to downsize.
CFA has links to panel of insurance providers – please contact us for details.