Your mortgage is probably your largest financial commitment, whilst there is nothing more important to you than your family.
None of us like to contemplate being ill, or dying at a young age, but unfortunately, the worst does sometimes happen. If tragedy strikes, you need to ensure your largest and most important commitments are financially protected.
You can be assured that our advisers will approach this subject sympathetically, whilst making a recommendation which is right for you, your family and your budget.
We don’t need to tell you that your mortgage is your largest debt; you get a handy statement each year from your lender reminding you of the fact!
Your mortgage is of course a necessary evil, providing you, and your family, with a home. However, the excitement of buying a new home can mean we forget other financial necessities, especially those we would rather not think about.
If you or your partner became ill, or even worse, die, how would the mortgage get paid each month?
We know you may not want to think about it, and moving home is an expensive time, but, protecting yourself, to ensure that your mortgage is repaid if you die or become seriously ill, is just common sense. And that’s what we are all about at West Yorkshire Money.
We live in the real world too, so our advice is tailored to your circumstances, including budget. You may even decide that protection isn’t for you. But at least, after our advice, you can make an informed decision.
Our income doesn’t just pay the mortgage, it covers the other day to day essentials too. It shapes futures too; without it you wouldn’t be able to save for retirement, pay school fees or help your children with the cost of university.
These days most households rely on the income of two to people pay the bills, which of course includes your mortgage.
Think for a moment, what would happen if your household lost one of its incomes due to death or illness:
- Would you be able to pay the bills?
- Could you keep up with your mortgage repayments?
- Would your children’s future suffer?
- No one wants to think about illness and death. Despite this, many people take the sensible step of planning for the worst. This means that they, and their families, are protected against the financial effects of illness and death.
We recommend all of our clients protect their family from the effects of illness and death. The action you take is then down to you, but at least you will have made a decision based on the facts.
Business owners and the self-employed
Business owners, the self-employed and their families, are particularly exposed to the financial effects of illness or death.
The benefits of employment, such as death in service schemes, sick pay and private medical insurance are not there for those brave people running businesses and taking risks.
As a small business, we understand the trials and tribulations that it brings. It’s only natural to get caught up in the day to day worries of running a business. But, it’s our job to help you look at the bigger picture and plan for the ‘what if’, even if you don’t want to think about it:
How would your family cope if they were unable to pay the bills due to your illness or death?
Would the business be able to survive if you were unable to work?
How would the business failing affect your family?
Would your business partners, if you have them, be able to continue without you?
We understand that paying for insurance isn’t a favorite thing for anyone to do. But we also know how important it is; we’ve seen the consequences of it not being in place when it was needed most.
As advisers and your trusted partners, we will explain the options available to you, make a recommendation and then leave you to decide which course of action you take.
At least then you will be able to make an informed decision.