If you are taking out a mortgage, protecting your home is a legal requirement and it’s important to ensure that you have the right cover in place. However, the cheapest cover isn’t always the best!
More of us than ever before will now suffer a Critical Illness at some point during our lives. It is important to consider what financial impact this could have on you and your family. Finding out you have a critical illness is devastating and can often be life changing – not only for you, but for your whole family.
Income Protection can provide a monthly income if you are diagnosed with an illness that may not be “critical” but is severe enough to stop you going to work for a lengthy period. If you are in regular employment and entitled to sick pay, your employer may only pay you for a set length of time if you become ill, but what would happen when that income stopped?
Life Insurance is designed to pay out if you die early. Most people who buy this type of insurance take just enough to pay off their mortgage. But is this enough? For most of us, our mortgage is only one of many financial commitments we have, such as loans, credit cards, childcare costs etc.
Your credit report and score are like a financial CV covering many of your financial accounts such as credit cards, loans and mortgages.