Buying a house.

Buying a new home is an exciting time! It’s the start of a new beginning in your life, and as a mortgage is such a big financial commitment, you need to think about protecting it. 

None of us plan to get sick or die unexpectedly. We think it won’t happen to us, but in reality it could happen to anyone at any time. 

Think of the life changing impact critical illness or even death could have on you and your family. The impact emotionally and financially could be devastating.

Robert and Chloe’s story

Robert and Chloe had been a couple for five years when they decided to buy a flat. They were both young and forging ahead with their careers, Robert had a career in marketing and Chloe was progressing well as a communications manager. Together, with their combined income of £50,000 and their savings, they purchased a flat.

It was an exciting time and over a few months their new flat became the home they’d always planned together.

They’d discussed taking out mortgage life insurance when they were purchasing the flat, but the mortgage payments and household bills were dominating their spending.

One day their bright future came to an abrupt halt. Whilst driving home Chloe swerved to avoid a crash, but her car careered off the road into a tree. Chloe received extensive head injuries and was on life support for several days before she lost her fight for life and died.

Robert’s future without protection:

• Robert was unable to pay the mortgage on his salary alone and had to sell the flat and move back with his parents. He felt he was regressing to his teenage years rather than growing into the confident man he had dreamed of becoming.
• He was diagnosed with depression and needed to take time off work. His employers only paid half of his salary after the first month, and Robert became financially reliant on his parents.

Robert’s future with mortgage life insurance:

• Robert paid off the outstanding mortgage with the lump sum he received from the mortgage life insurance policy. This helped ensure he maintained his independence.
• There was some money left after paying off the mortgage and this extra cash meant that Robert could afford to take more time off work to deal with his grief and depression. He returned to work when he was emotionally ready.

This is not advice, you should consider your individual circumstances when deciding what level of protection you need, if you are unsure you should seek advice from your financial adviser. All characters in this story are fictitious; any resemblance to people living or dead is purely coincidental.