If you’re a homeowner, your mortgage payments are likely to take up a large part of your income each month.
You’ve made sure that your loved-ones will have financial protection to cover the mortgage you leave behind if you were to die with life insurance but what about if you became seriously ill or injured, and unable to work? Would you be able to keep up your mortgage repayments?
Statistically, you’re much more likely to be diagnosed with a critical illness than die during your working life. For example, a man aged 40 is 4.1 times more likely to be diagnosed with a critical illness than die before retiring at 65 years old.
As buying a home is likely to be your biggest investment, it pays to protect yourself, so you’re covered should you die as well as if you become too ill to work.
We know the little things in life can be life-changing. It could be a phone call from the doctor with serious news about your health, or a stepladder that wobbled once too often when you were standing on it – serious illness and injury can happen when we’re least expecting it.
How would you pay your mortgage if you were too ill to work?
There are different types of insurance available which can provide financial protection. These include income protection which provides a monthly income if you’re too ill to work and critical illness which pays out a tax-free lump sum if you’re diagnosed with a specific serious illness or injury.
It will be a huge relief to you and your loved-ones to know that you will still be able to pay your mortgage and other essential bills if you are too ill to work, leaving you to focus on what’s important – getting better.
Your different options can be discussed with us – so you can make sure you have the right protection in place for you and your family.