What would happen if death, a serious illness (such as cancer, stroke or heart attack), long term disability or the loss of your job were to hit?
These are important questions to consider and the answers to these should be reviewed, at least on an annual basis to ensure that your provision continues to meet your needs.
How would your family survive if there were a drop in the income to the household?
If both parents died, who would look after your children and how would this be afforded?
These and a variety of other questions will be considered to help you make the choices to protect your family.
The mortgage cost is one of the most expensive outgoings for the majority of families.
How could this be afforded if there were a change to the income coming into the household, resulting for example from illness or death?
Most people rely on their income to cover both the essential household costs each month, as well as the cost of discretionary expenditure for going out, family activities and holidays.
Protection can ensure that these may not be lost if you cannot work.
How would you protect the home you live in or the property you let, in the event of flood, fire or theft as well as other risks such as accidental damage?
Many people do not realise that this is a legal requirement if you hold a mortgage on a property. This is intended to cover the cost of repairing or rebuilding your property.
This is intended to help you protect against the cost of the loss or damage to your contents within the home. This can also include valuables that you take outside of the home.