Wednesday, June 20th, 2018
Seemingly, many UK homeowners will take out insurance for their pets and their ‘gadgets’ before they will put in place a suitable personal protection portfolio to protect themselves, their home and their family.
Although a mortgage is the biggest commitment most people will ever take out, many decide not to take out suitable protection such as life insurance, income protection cover or cancer and critical illness cover. The reasons why people do not take out the correct type of insurance are in our experience many and varied, but the most common reason is that they do not believe they will ever need it.
It is understandable that some people do not want to consider the prospect of death, cancer, serious illness or even just being unable to work for a prolonged period, but the reality is, for many the chances of them being affected by one or more of these during the time they have a mortgage can for some be very high.
In some scenarios, life insurance can be relatively inexpensive, depending of course on a number of influencing factors such as age, smoker status and medical history. Even so, many mortgage borrowers still neglect to protect themselves and their family against “the unexpected”.
As life insurance, income protection and cancer cover are optional, unlike car or home insurance which is compulsory, many people leave it until “tomorrow”, which for some sadly never comes! Even though many insurance providers have and continue to spend huge sums on media advertising to raise awareness, and many more people are surviving conditions such as cancer, the number of people taking out appropriate life insurance, income protection and cancer or serious illness cover has not reached the levels the industry regulator or Government had hoped for.
As the old adage goes, “if you had a money-making machine would you insure it?”, to which most people would reply “yes, of course”, not realising that the money making machine is actually them!
So, if you would like some expert help to find the right life insurance cover for you, or perhaps would just like to know more, call our team here at Caboodle Finance of Sutton Coldfield, Birmingham on 0121 308 9114 or alternatively, just click HERE to contact us via the website.
We very much look forward to hearing from you!
Caboodle Financial Services Ltd
240B Lichfield Road
Sutton Coldfield B74 2UD
Telephone: 0121 308 9114