Picture this: 

You’ve just had your offer accepted on the house you want to buy, and you’ve just had approved confirmation of your mortgage. 

What an amazing feeling! Now all that’s left to do is sort out the important things, like packing up your boxes, telling people your new address, and getting someone to help you move. But something’s missing here, isn’t it?

What about insurance and protection? While you need buildings insurance to get a mortgage, the buck does not stop there. It’s not compulsory, but having life insurance when you have significant financial commitments is a must.

Why do you need life insurance?

We understand these things aren’t always the easiest to talk about, but we want to make sure your family can stay in their home no matter what might come their way. 

Unfortunately, we can’t always predict the path that our lives will take and some things can take us by surprise. We never know what’s around the corner and when you have a family to support, unexpected tragedy can strike deep.

Not only can life insurance help your family stay in their home, you can also help ensure they can maintain their current lifestyle, whether it’s going on the usual holidays or not having to worry about paying bills every month.

Let us consider a worst case scenario:

man in yellow shirt holding two children, walking through field of poppies

Could your family keep the home without your salary?

If you contribute the most to your family’s finances, and something were to happen to you that resulted in your death, would your family be able to continue to repay the mortgage? 

If the answer is no, then you need life insurance. The money from your life insurance could go a long way to helping your family in the event of your death, and one of the main reasons people take out life insurance is to ensure that their families can carry on paying the mortgage should the worst happen.

What insurance do you need for a mortgage?

The only insurance you need as a legal requirement when getting a mortgage is buildings insurance.

Buildings insurance covers your home against any damage that may need to be repaired. This type of insurance only applies to the structural aspects of your home i.e. the walls, roof, floors, fixtures and fittings etc.—not the actual contents of it.

However, there are plenty of other types of insurance you can get that will benefit you and your family’s future. While you’re thinking about life insurance, it’s also worth considering: 

two people in business attire high fiving over a laptop

How we can help protect you

Our specialist protection advisers are perfectly placed to help you come up with an insurance plan that covers everything you may need. Not only can they recommend products that will suit your needs, they can also assess your existing insurance policies to ensure they’re still fit for purpose. 

We understand that no two people are the same and we want to work with you to ensure you have protection policies that suit your unique circumstances. 

It’s easier to enjoy the present when you’re not worrying about tomorrow. 

Get in touch with a protection adviser today.

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Frequently asked questions

What is Financial Risk?

Financial risk is how likely you are to experience financial setbacks due to unforeseen factors, such as death, critical illness, disability, and job loss.  

What causes financial risk?

Financial risk can be caused by a variety of circumstances. Some of these factors are in your control, like your level of spending and lack of insurance, whereas others are external, such as the economic climate and health issues.

How does protection work?

By taking out protection policies, you can minimise the impact of these financial risks. This can be income protection or other forms of insurance, and also by having a healthy emergency fund, in case you face any financial risks that aren’t covered by your insurance.

What is income protection?

Income protection offers financial support if you’re unable to work due to illness or injury. It replaces part of your income and will continue to pay out regular, tax-free instalments until you’re able to return to work.

How do I know if I’m financially stable?

Financial stability means you have enough income to cover your expenses and have a buffer for emergencies (protection policies and savings). Our Financial Risk Assessment can help you assess your current situation and inform you if any improvements could be made.

How can I reduce my financial risk?

Unpredictable events can hurt your finances. Take a free Financial Risk Assessment to identify your vulnerabilities and explore protection options that plug the gaps, giving you peace of mind.

Important information

For insurance business we offer products from a choice of insurers.

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