At One 77 we always strive to find our clients the best mortgage deal possible for their personal circumstances. However, once we have secured this for you and the wheels progress towards you moving into your dream home, we consider it our duty of care to ensure that you consider your options should things change with a comprehensive and tailored mortgage protection plan.
Far too often mortgage brokers, lenders and banks will ignore the subject, or cursorily address it at best – potentially leaving the client vulnerable with their home and family at risk should the worse happen.
As we all know, a mortgage is generally the largest financial commitment we will make in our lifetime, and for this reason ensuring that clients are well informed of the risks and how these can be offset with comprehensive protection insurance is a crucial part of our aftercare service.
During our conversations with clients we will always discuss the ‘what if’ factor to ensure that people are well prepared for the outcomes should they became seriously ill in the future and were not in a position to pay their mortgage.
Though most of us financially plan around our outgoings, with our mortgage invariably being the largest of these commitments, it can be all too easy to overlook how we would cope should our current circumstances change: if we or a family member were to become seriously ill, thereby compromising our income and ability to sustain a financially buoyant family life. We see it as imperative to ensure that our clients are looked after throughout the whole mortgage process and beyond, and that they and their families are protected in all circumstances.
In a recent survey undertaken by Royal London, it was found that 42% of mortgage holders have no life insurance policy in place, whilst 71% have no critical illness cover. Over 80% of people also had no protection in place should there income change.
Respondents answers showed that there are a number of reasons for this: they thought the cost of cover would be too expensive or that they simply did not need it. Most startlingly was that in a large amount of cases clients understood the need for protection against their mortgage however they were not given adequate – if any – advice.
20% of people questioned who were in full-time employment admitted that they believed they would benefit from having a protection policy in place, though had yet to arrange anything.
During our mortgage fact find procedure with a client we focus on gaining an understanding of the individual and their family, and can therefore begin to build a picture of what kind of mortgage and financial protection works best for the client. We believe that mortgages and insurance policies go hand-in-hand, with the mortgage element generally the largest financial commitment a person will make in their lifetime – a commitment secured against not just their house – but their home. Therefore we believe that giving you the best advice to help you remain secure and safe with whatever life can throw up is not only important… it is responsible.
Do you have adequate financial protection in place? Call our team of specialist Protection Advisers for a no obligation review of your circumstances by calling 01249 474959, or fill out the form below and we will be in touch.