4 Reasons Why Mortgage Protection Has Never Been More Important

Insurance might be on your mind at the moment for various reasons. Equally, it may not be on your mind.

If that’s the case, we think it should be – particularly if you don’t have any in place currently.

How would you or your family cope financially if the worst was to happen, be it death, serious illness or loss of income through accident or illness.

Life insurance, Critical Illness and Income Protection isn’t a new bandwagon on which you need to jump, but we are seeing an increase in questions about these vital forms of cover. And for good reason.

We think insurance has never been more important (hence the name Gough Mortgage + Protection), but we appreciate you may need a little convincing to spend yet more money each month. Here are four things to get you thinking…

1. Imagine if you were a cash machine (bear with us)

If you had a machine attached to the wall of your living room which ejected £2,000 every month in cash, would you insure it against breakage?

Of course you would.

Well, that machine is you (just replace the £2,000 with whatever your net take home pay is).

If you stopped working and that income ceased to arrive in your bank account each month, what would you do about bills, food, and the roof above your head?

That’s how important income protection insurance is

2. Buying that new home – finally

At the time of writing, the chancellor, Rishi Sunak has just cut stamp duty on purchases up to £500,000 until March 2021.

This is wonderful news if you intend to buy a new home, but it’s also a timely reminder of how important life insurance is.

It’s the biggest elephant in the room and one very few people want to broach, but what will happen to those you leave behind if you die?

Your mortgage will probably be the single biggest debt you have. We’ll avoid getting too morbid here, but life insurance ensures you can rest safe in the knowledge that your Mortgage could be repaid in the (hopefully unlikely) event of your death, meaning allowing your family to keep the family home.

The monthly premiums are usually pretty digestible, given the risk of death is low.

3. Your little arrival

If you’ve just become a parent, you’ll understand the overwhelming feeling of love that suddenly arrives for that tiny little person.

Having suitable insurance in place can ensures that the costs of raising a child won’t become a burden if you happen to fall ill or suffer an injury which means you can’t work. There are even policies available which factor in the cost of parenthood and run until your child reaches the age of 18.

4. The dreaded “Cancer”

According to Cancer Research UK, 1 in 2 people born after 1960 will be diagnosed with some form of cancer during their lifetime. With survival rates fortunately increasing, you may face a significant time off work. Would you like to know you have the security of an insurance policy to pay some money if this happened to you? Critical Illness cover a lump sum in instances such as this, alongside many other more serious illness conditions

The good news? Our team knows insurance like the backs of their hands, afterall we are Gough Mortgage + Protection, not just Gough Mortgage ! So get in touch today if you’ve got any questions at all.

As with all insurances, conditions and exclusions will apply