In recent more profitable times I have seen many clients take out mortgages without factoring in anything to protect them in the future. People were very much living in the moment, not considering the future, and simply taking each day as it came.
Those carefree times are well and truly over now, and we are all staring a very different and unstable future full in the face. It is now more than ever that we should all be considering what protection we have. With interest rates rising and falling, and some people looking at rises in their mortgage payments of as much as 100%, now more than ever you need protection against the possibility of something leaving you incapable of making those monthly payments.
Now is the best time to take control. Remember, insurance is not about the risk of something happening, it is about taking out cover to help you out after something damaging happens. A lot of people take issue with taking out life insurance because they think to themselves "I'm perfectly healthy, so why do I need insurance?" The truth is, this is the best time to take out life insurance because you are in peak condition and the premiums will be lower. The other truth is, although you may be a picture of health right now, it is impossible to predict what may happen and unfortunately even healthy people get ill. The important thing is to be prepared for that possibility and protect yourself against it.
So what do you need to consider? Well, first and foremost you will need to make sure your mortgage is covered if you have one. If it is a repayment mortgage you have, the cover you need is a mortgage protection plan. If you have an interest only mortgage, it is a level term plan you need. Another extremely beneficial extra you should consider is critical illness cover. This will guarantee to pay off your mortgage for you should you contract a critical illness, such as cancer. This can be extremely helpful in troubled times, and if you recover from your illness, you can still rest assured that your mortgage has been paid off anyway.
Payment protection insurance is another thing that is well worth considering. With this your actual mortgage payments are insured against sickness or loss of employment. And given the present situation with companies trimming the fat to stay afloat, covering yourself against redundancy isnt such a bad idea, is it? You will find that most of the pans available will pay out for a period of 12 months, with some covering up to 24 months. That could be a considerable financial asset should you find yourself unable to work through sickness or redundancy.
Finally in this article you should look at some sort of life cover to just cover your family. It is all well and good making sure the mortgage is paid off if you or your partner dies but it is little comfort if they are unable to pay the rest of the bills owing to the lack of income.
The best type of plan for this situation would be family income benefit. This plan will be able to pay out a monthly or annual benefit, similar to that of your income now, and it is the perfect income replacement should you die. So you would take it for a benefit similar to that of yours or your partners salary and if the worst was to happen that would be the payment you would receive each year keeping your family at the level they had become accustomed to.
So now more than ever it is important to get all of your finances in order, particularly when it comes to your debts outstanding. Protecting your finances is essential, especially as it could be impossible to recover should the worst happen. With mortgages and interest rates rising, it is essential to be prepared for the worst. Of course, consult a professional financial advisor before you do anything, as their expertise could be indispensible when it comes to looking after you and yours. - 16089
Those carefree times are well and truly over now, and we are all staring a very different and unstable future full in the face. It is now more than ever that we should all be considering what protection we have. With interest rates rising and falling, and some people looking at rises in their mortgage payments of as much as 100%, now more than ever you need protection against the possibility of something leaving you incapable of making those monthly payments.
Now is the best time to take control. Remember, insurance is not about the risk of something happening, it is about taking out cover to help you out after something damaging happens. A lot of people take issue with taking out life insurance because they think to themselves "I'm perfectly healthy, so why do I need insurance?" The truth is, this is the best time to take out life insurance because you are in peak condition and the premiums will be lower. The other truth is, although you may be a picture of health right now, it is impossible to predict what may happen and unfortunately even healthy people get ill. The important thing is to be prepared for that possibility and protect yourself against it.
So what do you need to consider? Well, first and foremost you will need to make sure your mortgage is covered if you have one. If it is a repayment mortgage you have, the cover you need is a mortgage protection plan. If you have an interest only mortgage, it is a level term plan you need. Another extremely beneficial extra you should consider is critical illness cover. This will guarantee to pay off your mortgage for you should you contract a critical illness, such as cancer. This can be extremely helpful in troubled times, and if you recover from your illness, you can still rest assured that your mortgage has been paid off anyway.
Payment protection insurance is another thing that is well worth considering. With this your actual mortgage payments are insured against sickness or loss of employment. And given the present situation with companies trimming the fat to stay afloat, covering yourself against redundancy isnt such a bad idea, is it? You will find that most of the pans available will pay out for a period of 12 months, with some covering up to 24 months. That could be a considerable financial asset should you find yourself unable to work through sickness or redundancy.
Finally in this article you should look at some sort of life cover to just cover your family. It is all well and good making sure the mortgage is paid off if you or your partner dies but it is little comfort if they are unable to pay the rest of the bills owing to the lack of income.
The best type of plan for this situation would be family income benefit. This plan will be able to pay out a monthly or annual benefit, similar to that of your income now, and it is the perfect income replacement should you die. So you would take it for a benefit similar to that of yours or your partners salary and if the worst was to happen that would be the payment you would receive each year keeping your family at the level they had become accustomed to.
So now more than ever it is important to get all of your finances in order, particularly when it comes to your debts outstanding. Protecting your finances is essential, especially as it could be impossible to recover should the worst happen. With mortgages and interest rates rising, it is essential to be prepared for the worst. Of course, consult a professional financial advisor before you do anything, as their expertise could be indispensible when it comes to looking after you and yours. - 16089
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