Insurance Policies – We spend a vast sum of money yearly to insure our vehicles and our places of residence and often to forget something equally as important: our health.
Regardless of an individuals’ state of wellbeing, when borrowing money to purchase a house, that loan will need to be repaid. There is also the issue of wanting to ensure your family’s protection in case you suffer a serious/fatal illness.
Below, we’ve listed important insurance policies to consider when thinking of purchasing a home.
As expected, these particular insurance policies will be able to cover mortgage payments if you are too ill to work, or you are made redundant.
These insurance policies cover your income should you miss days off work due to illness. Bear in mind that insurance policies will vary and only some income could be covered, so be sure to check the maximum percentage that is able to be paid prior to choosing a policy.
It is advised to those with a mortgage to acquire life assurance (insurance) also. There should be enough to cover an outstanding loan.
These particular insurance policies will pay out in the event of an individual suffering a critical illness. Cancer, heart attack and strokes are accounted for making for the majority of claims, however there could also be potential pay out in the event of losing a limb, being diagnosed with Parkinson’s disease or being permanently disabled and being unable to work again.