When we first take out our first mortgage, we often take the protection insurance to go with it, and why wouldn’t we?
We all know it’s important to ensure that in the case of long-term sickness or ill-health that our mortgage payments are covered. Without our home, what would we do? It’s our main asset and most important possession.
Here’s the thing though, have you remortgaged since taking out your first mortgage the first time? If the answer is yes, are you sure that the amount you have covered on your protection policy is enough to cover your new mortgage?
So often people take out more borrowing by remortgaging, whether it be to move to a larger or more expensive house or maybe take out a further advancement to make some alterations to the current home. Either way, if the amount you have borrowed is now more than the amount you’re covered for on your protection policy, it may be that you have a shortfall. If that is the case, should you suffer from a serious illness or even death it may mean that an amount of your mortgage could still be outstanding adding financial pressure to an already difficult situation.
Why not dig out your financial protection information and your mortgage details to ensure you’re covered? Alternatively, you can speak to us and we can help you assess whether you’re adequately covered whilst explaining to you exactly what you’re covered for and why. If you’re not adequately covered, we can discuss your situation with you and without obligation talk you through your requirements.
Why not get in touch and ensure you, your family and your home are protected today!