For most of us there is every chance that a mortgage is the biggest financial commitment we make. Buying a house is usually both a stressful and expensive experience.
Most people take the time to insure their possessions, such as their car or their home and its contents. It is vitally important to give the same priority to protecting your mortgage as well.
No-one likes to think about dying or becoming critically ill but it is a very important consideration when taking on the commitment of taking out, or increasing your mortgage.
You can't avoid the emotional distress either of these events would cause but some basic planning can prevent financial turmoil and give valuable peace of mind for both now and the future.
Some things you should consider:
- Who would pay the mortgage in the event of your death?
- Even if you're not earning, how would your family cope financially without you?
- How would you repay your mortgage if you were to suffer a critical illness?