Can You Afford to Loose Your Home?
Surprising Stats on Mortgages
Over 80% of mortgage holders don’t have income protection
Research has shown that mortgage holders often overlook the importance of having the right protection policies in place when taking out their loan. A mortgage is a big responsibility that usually lasts for many years, and as we all know, life doesn’t always go according to plan.
The best financial advice when taking out a mortgage is always to consider what would happen if illness, accident or death were to intervene, and have a plan in place to safeguard your repayments.
Policies provide an income or pay out a lump sum that can be vital in keeping a roof over a family’s head at a difficult time. A recent survey amongst mortgage holders showed that 42% don’t have a life insurance policy in place, 71% have no critical illness cover, and 81% don’t have any income protection in place1.
Many were aware of the need for cover; 20% of full-time working people questioned for the survey recognised that they would benefit from having insurance protection in place, but hadn’t got around to arranging it.
1Royal London, 2018