Personal Protection

Do I need to protect more than just my mortgage?

Your mortgage is likely one of, if not the biggest outgoing monthly expense you have so it make sense to protect that financial commitment in the event you were unable to pay it.

What about other monthly outgoings?

• Looking for Joint Cover?
• Do you have children?
• Do you require Critical Illness Cover?
• One wage earner?
• Self-employed?
• How long can you survive on your company's sick pay?

As obvious as it may sound, the best way to work out how much and what sort of cover you require is to ask yourself what the effect would be of you suffering a claimable event. For example ask yourself:

What would be the financial effect on my family if I die prematurely?

• Could they afford to stay in the family home?
• Do they have an income to draw on?

What money would I have coming in if I were unable to work due to ill health?

• How does my company sick pay work?
• How long before I'm limited to just Statutory Sick Pay?
• How would the mortgage be paid?
• Are there funds available for your other monthly expenses?

What would be the financial effect of the death or disability of non-working parent?

• Could you afford to pay for childcare?
• Would the working partner need to take time off work?

What would be the effect if you suffered a permanent disability and couldn't work again?

• Where would your income come from?
• Would your partner need to give up working also?
• How would you pay for alterations to your home and vehicle?

How would you cope financially with unemployment?

• Would you have difficulties keeping up with your mortgage payments?
• Do you have sufficient funds to fund you other committed outgoings?

These are just a few examples of things to think about when considering which and how much cover is appropriate for your insurance needs.

Also bear in mind, it’s important to consider what the effect of these events would be not just the chance of it happening. We all hope we never need any of this insurance cover, but it’s important to get it right in case you do. If you’re in any doubt as to the suitability of these insurance policies, please contact us for advice.