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Am I protected should the worst happen?

Committing to another monthly expense might be the last thing on your mind in the current economic climate. However, this is exactly the time to consider how you would manage financially should the worst happen, without sufficient protection in place.

Your mortgage is probably your largest monthly outgoing, so it makes sense for this to be protected as a minimum, yet many households remain unprotected! According to a recent report by Royal London, 63% of mortgage holders have life cover. This means 37% do not. Two thirds have no critical illness cover, and 80% have no income protection, despite these events being more likely to happen than death during the mortgage term. Only 6% of renters have income protection, but would still have to pay their rent if unable to work through accident or sickness.

If you are lucky enough to have savings, they will only last for a limited time. People say their relatives, or the state would help, but would they really? As much as family may want to help, could they realistically, given they are likely to be dealing with the increased cost of living themselves. Statutory sick pay (SSP) alone wouldn’t cover the bills, and doesn’t apply to the self-employed.

You insure your cars and your pets, so why not yourself and your family? No one wants to talk about death or illness. We don’t want to think about losing our home or treasured possessions in a fire or flood, but unfortunately, these things do happen. As examples, 1 in 2 of us born after 1960 are expected to develop cancer during our lifetime, and there are around 1.4 million people in the UK who have survived a heart attack. Flooding is becoming more common due to climate change.

How would you cope financially? Ask yourself:

  • If I or anyone in the household were made redundant, would I be able to pay my mortgage and other bills/outgoings?
  • If I or anyone in the household were unable to work due to an accident or sickness, or was diagnosed with a critical illness, would I be able to pay my mortgage and other bills/outgoings?
  • If I or my partner were to die prematurely, would the survivor be able to pay our mortgage and bills/outgoings?
  • If something happened to my home, or anything in it, could I afford the repairs, replacements or even temporary accommodation?
  • If I think I could manage to pay in any of these events, how long could I realistically manage for? How much do I have in savings, and could my family really help me out, even if they wanted to?

It’s unlikely that you would be able to cover all costs if any of the above happened without insurance, or at least not for a prolonged period.

You’re Not Too Young- Clients often think they are too young to be affected, particularly if they have no health conditions, and think they will worry about insurance later. Unfortunately, this isn’t the case. Accidents can happen to anyone. According to Royal London figures from 2022, the average age of those claiming on income protection policies was 38. Also, bear in mind that premiums will be cheaper the younger you are. Premiums may be less than you think (sometimes as low as a few coffees a month), and many providers offer benefits throughout the term of the policy, from access to physiotherapists and mental health specialists, to discounts on gym access, cinema tickets and smart watches. Many also offer children’s cover, and cover during pregnancy. It really is worth having a discussion on how we can best help you.

Some Insurance is Compulsory- Don’t forget that having sufficient Buildings Insurance may be a condition of your mortgage, and your solicitor may ask to see evidence of this before allowing you to complete. You may find cheaper cover on comparison websites, but often, this is because the policy provides less cover or there are exclusions. We will be happy to check quotes you may have obtained against our own, so you are fully informed before making a decision.

Don’t Cancel Your Cover- If you have existing cover but think it may no longer be suitable, or are struggling to afford the premiums, please don’t cancel if at all possible, leaving yourself completely unprotected. We can review your current needs to see if any changes can be made or if we can find a cheaper policy. Worst case scenario, some cover is always better than none! If you already have a mortgage and didn’t take out insurance at the time, it’s not too late to get back in touch and arrange this now.

If you would like to discuss Life Cover, Critical Illness Cover, Income Protection, Buildings/Contents or Landlords Insurance, don’t hesitate to contact us at Ingard and we will be happy to help. Call 01702 538800 or email

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.