With so many insurance products available out there, it can be difficult to establish what one specifically is the most suitable for you. You may even feel like you do not need insurance or protection at this moment in time. However, it’s this way of thinking that could have devastating impacts for you and your loved ones in the future.
Fail to prepare, prepare to fail
All too often when it comes to protection policies, people think ‘it could never happen to me’ or ‘I’ll get around to sorting it later’, however, life is unpredictable and who knows what is waiting around the corner. Failing to have adequate cover in place could put you and your loved ones in a vulnerable position in the future, which is something you want to avoid.
However, finding the right protection may not be as easy as you might have anticipated as there are many different types of insurance and protection available.
Different types of insurance
There are many different types of insurance, however when it comes to protecting your mortgage, there are three common products.
This insures you for a certain amount in the result of your death. There are a number of different types of life insurance which change the amount you pay over time and the amount that you’re covered for.
Critical illness insurance covers you in the event you become seriously ill – the conditions of which are detailed in the policy. You can be covered for a set amount or the value of your mortgage.
Income protection is an insurance policy that protects your income (which is likely used to pay your mortgage) in the event you’re unable to work, most likely due to illness or injury.
a) This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneymadeclear.org.uk
Things to consider
There are a number of things to consider ahead of buying insurance – such as working out the amount of cover you need and for how long.
It’s often best to speak with a protection advisor in these instances. At The Mortgage Consultancy, we provide products based on an analysis of a number of insurers, to find you the right insurance.
Speak to us today about getting the right insurance product.