It still surprises me how under-insured most people are, even those who are relatively wealthy.

I attended a recent seminar hosted by Legal & General and a slide entitled, ‘6 Ways to Lose Your Home’ really stood out. In it Legal & General highlight just how easy it can be to lose your home in the following scenarios.

6 Ways to Lose Your Home - adapted from Legal & General

Each of these scenarios will have a huge impact on the ability of an individual or their family to maintain their mortgage repayments.

Personal Insurance

We are required to take out Home and Contents Insurance when we take out a mortgage but often we don’t take into account what would happen to our ability to pay the mortgage if something bad happens to us and we are unable to work.

Cost Effective

It is relatively straight-forward and inexpensive to take out insurance that pays out a lump sum in the event of death or critical illness or pays out an income if we are unable to work. If two people are paying the mortgage, it is extremely important to consider the impact on the mortgage repayments if one of them were unable to pay.

Peace of Mind

Insurance policies are designed to provide financial peace of mind at what is a difficult time.

Many people will insure their pet or their mobile phones but often neglect insuring themselves.

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Please do let us know if you would like to review your insurance needs.

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