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What You Need to Know About Protecting Your Home, Yourself and Your Family

Your home is likely to be the most important, expensive and valuable asset you ever own, but your home is at risk if you do not keep up payments on your mortgage.

It is vital that you should do so and make adequate arrangements in case you or your spouse/partner become sick, unemployed or die prematurely‚ or in case your property is damaged.

Is it sensible to have pet insurance, but inadequate life insurance?

Is it sensible to have holiday insurance, but inadequate insurance to protect your standard of living for 12 months a year?

Is it sensible to have car insurance, but inadequate insurance to safeguard your family against the repossession of your home, or other financial distress?

Some Facts & Figures

• In the first half of 2007 mortgage repossessions were estimated at over 27% more than in the same period in 2006 and over 90% more than in the same period in 2005. over 50% more than in the previous year and nearly 250% more than in 2004.¹
• The Government provides assistance towards mortgage costs. This is restricted to the interest element of the mortgage payment and is normally is not paid for the first 39 weeks of a benefit claim. Assistance is provided only to those entitled to Income Support, Income-Based Jobseeker’s Allowance or Pension Credit.²
• In May 2007, 2.64 million adults of working age claimed incapacity benefit, receiving as little as little as a taxable £61.35 per week, and 38% were not paid benefit.²
• Every day in the quarter ended May 2007 over 1,500 people began claiming incapacity benefits and thus became long-term sick or were no longer paid by via their employer.
• In May 2007 there were over 800,000 people claiming Jobseekers Allowance.²
• In May 2007 1.67 million people of working age were registered as disabled and in need of assistance with personal care or help with mobility.²

¹ Council of Mortgage Lenders February 2008
² Dept for Works & Pensions November 2007

Sad News

More people are ill for longer and state benefits are less than many people realise, and so many people make no plans to cope with this.

Too many of us are not properly insured. Many are woefully under-insured.

Too many families have no clear plan as to how they would cope with the death of a parent. Typical ideas‚ are:

• To rely on state benefits‚ but do you know how little state benefit you would get?.
• To rely on savings‚ but how long would your savings last?
• To sell their home, but does that make good financial sense for you, and would you want to displace your family?
  

Good News

Providing security for yourself, your spouse/partner and your family can often cost less than you might have thought.

Insurance can often be tailored to meet your specific needs and what you can afford. It is better to insure yourself against some of these risks rather than none of them.

We can advise you about how you can best meet your needs, preferences and priorities and where you cannot afford all the cover you would ideally like we will advise you how to cover your major concerns.

You can find out more about the more common types of insurance cover here.

 

 

 

• Buildings & Contents Insurance
• Mortgage Payment Protection Insurance (MPPI)
• Life Assurance
• Critical Illness Cover
• Family Income Benefit
• Permanent Health Insurance