If you’re a homeowner, your mortgage payments are likely to take up a large part of your income each month. But if you became seriously ill or injured, and unable to work, would you be able to keep up your mortgage repayments? As buying a home is likely to be your biggest investment, it pays to protect yourself, so you’re covered should a life changing event occur.
We know the little things in life can be life-changing. It could be a phone call from the doctor with serious news about your health, or a stepladder that wobbled once too often when you were standing on it – serious illness and injury can happen when we’re least expecting it.
In fact, each year, one million workers find themselves unable to work due to serious illness or injury. And while many people would say they would rely on their savings to get by, on average UK households would only be able to survive on their savings for 19 days.
Have you ever thought how you would pay your mortgage if you became ill or injured and unable to work?
Buying a home is likely to be your biggest investment, so there is a need to safeguard it against loss of income because if you can’t work and pay your mortgage it could mean losing your family home.
There are several different types of insurance available which can provide financial protection. These include income protection which provides a monthly income if you’re too ill to work and critical illness which pays out a tax-free lump sum if you’re diagnosed with a specific serious illness or injury.
Protecting yourself with either income protection or critical illness insurance provides you with a crucial safety net to fall back on if you are unable to work because of illness or injury.
It will be a huge relief to you and your loved-ones to know that you will still be able to pay your mortgage and other essential bills if you are too ill to work, leaving you to focus on what’s important – getting better.
Here’s one little thing you can do to protect your financial future, so get in touch with one of our advisers.
Your different options can be discussed with your adviser – so you can make sure you have the right protection in place for you and your family.
Call us on 01142 621 162 or drop them an email at email@example.com
The Openwork Partnership – 04/07/2023