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Whilst he was one of the youngest cabinet ministers, Winston Churchill pioneered social reforms and laid the foundations of the welfare state, however he was a strong advocate of personal insurance to prevent hardships in times of tragedy and once famously said;
“If I had my way, I would write the word ‘insure’ upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever.
It is the duty to arrest the ghastly waste, not merely of human happiness, but national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders and the women and children and the estates are left to struggle in the dark waters of a friendless world.”
You may ask yourself if you can afford life insurance. But here’s a more important question: can you afford NOT to have it? If the unexpected happened, how would your loved ones cover the bills, mortgage payments, childcare costs and everyday expenses? It is often in the hardest of times that we find out just how difficult life can be without provisions made for the illness or death of a loved one. There are few things in life that are for certain as our own mortality, however it is that certainty that whilst, if not for us as individuals, for our dependents, we are able to insure against.
You might be forgiven for questioning the value of insurance. After all, you pay your premiums, and in most cases get nothing in return; nothing that is other than valuable peace of mind. You only need to hear some of the stories of the plight of the survivors of the uninsured and compare them with those who have been provided for to realise quite how valuable life insurance can be.
With a mortgage being one of the largest financial commitments and a home being a fundamental human need, it is essential to ensure that dependents are taken care of.
When buying insurance it is vitally important that advice is sought as it is not the “commodity” product that some think it is, for example: some policies have guaranteed premiums whilst others are reviewable, attitudes to someone’s existing health conditions or occupation can vary between providers, other features may be added such as critical illness cover; these are just a few of the important features to consider.
As advisers, our role is not just to advise on and arrange mortgages but also to highlight the protection products that you need but don’t know about.
It isn’t compulsory to take out life insurance with a mortgage although some say it should be. The reason for this is that everyone is different, and it would be reasonable for a lender to insist on a borrower having to take out a standard product; it is not because the lender is happy for you to throw caution to the wind!
If you would like to review your protection requirements please call Private Finance on 0207 317 2820 or email email@example.com