Could your partner pay the mortgage plus all the bills?
Buying a home is likely to be the biggest purchase you’re going to make in your life, and most house purchases come with a sizable mortgage.
If you are married and / or have children, you will want to make sure that they can continue living at home in the event that you pass away. A life insurance policy can run in parallel with your mortgage so that if anything happens to you, there will be funds available to pay off the remaining mortgage balance.
Leaving a home mortgage free is a good start but leaving an ongoing income to help cover the monthly outgoings is just as important particularly when you have dependant children.
What if you or your partner becomes too sick to work?
A critical or long term illness can impact your finances because you might have additional care needs and might lose an income for a period of time. If you have a mortgage, this could put a burden on your partner who will now face the pressure of paying the mortgage and the associated costs at a time when your household income has reduced. The pressure on a bread winner to return to work can also be great at a time when they should be focusing on recovery.
Real Life Advice can help by providing a free analysis of your current and future financial protection needs.
Call us for a free, no obligation initial consultation with one of our expert Protection Advisers.