Comment: Life assurance and mortgages

Mortgage availability isn’t what it once was, but buying a new home or remortgaging is a big achievement. So whether you’ve secured your new dream home, or have decided to stay put and tackle that loft conversion or home extension, now may be as good a time as any to make sure your life assurance plan is up to date and relevant for your needs.

Something to think about

You may already have life cover and be thinking about increasing it to reflect your new loan amount. If so, there might be a few other protection ideas that are worth thinking about as well.

For example, how would you cover your mortgage payments if you fell ill and couldn’t work? For most of us the mortgage isn’t the only payment we’d have to make. Household bills, council tax, childcare, food and clothing all have to be covered to keep family life going. A little extra family income protection insurance would give you extra peace of mind, and help you and your family to keep paying the bills if things went wrong.

Life can be unpredictable. Sometimes that’s a good thing! But at other times, it can throw the unthinkable at us.

Most of us will know of someone who has died young, or heard of someone’s battle to survive serious illness. Anyone who’s seen a family trying to deal with these things will know that the financial and emotional impact can be devastating. We think it will never happen to us, but sometimes it does. And while protection insurance can’t stop the unthinkable from happening, it can make dealing with the consequences a lot easier.

Conclusion

Reviewing your current plans to ensure they provide you and your family with the protection that is appropriate for your current needs, is the best solution. Speak to an experienced financial adviser.