We are now living in unprecedented and difficult times. Covid19 has highlighted to us all the impact that elements out of our own control can have on our livelihoods and standard of living. During these periods, we believe it is important to reflect on, and review, your own financial circumstances to ensure that you have the right protection in place.
For the vast majority of us, our mortgage is our greatest liability, with the mortgage repayments typically being our largest monthly outgoing. Whilst we all hope that the worst will never happen to us, statistically speaking, there are four events that are likely to happen during our working lives – sickness, unemployment, redundancy, or death.
This “unknown” is one of the reasons why we believe it to be of utmost importance that appropriate mortgage cover is in place to ensure that your mortgage can be cleared in the event of death, or diagnoses of a serious/ critical illness (e.g. cancer, stroke or brain injury). In either event, a lump sum payment would be made that could be used to help clear any outstanding mortgage liabilities, meaning that you and your family do not need to worry about having to keep up with the monthly repayments, or having to downsize – giving you all one less thing to worry about during what would be an extremely difficult time for all.
Importantly, mortgage cover does not have to be expensive. As an example, a 35-year-old couple with a £200,000 mortgage would each have to pay £34 per month to cover them over a 20-year period, with this inclusive of both life cover and earlier critical illness cover. This is less than some mobile phone contracts.
As a regulated and independent firm, we will search the whole of the market to find the most suitable and cost-effective solutions that fit your budget and needs. We are able to obtain competitive rates are not tied to any particular insurance provider(s).
Here at Cave & Sons we understand that you have worked hard to get on the property ladder. It is therefore imperative to have the right protection in place to allow you and your family to keep it. We also recognise that your financial circumstances change over time, so it is just as important that you continue to review any existing policies.
For a limited period of time our initial fee will be discounted by 25%*, so should you wish to speak to one of our Financial Planners about how we may be able to help, please get in touch with your usual Cave & Sons contact.
*subject to a minimum fee. Terms and Conditions apply.