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Your Protection Requirements: Protecting you and your family
Perhaps the most important and often overlooked part of the Mortgage process is discussing your protection requirements.
It is important to ensure that adequate financial protection is in place in case you were unable to meet your monthly mortgage payments.
Although it may feel like a daunting consideration, it is important to consider the 3 main scenarios that could prompt a reluctant house sale:
- Death of a partner or child.
- Critical illness of a partner or child.
- Redundancy of a partner.
No one ever expects any of these scenarios to happen to their family but it is an essential part of the Mortgage process to ensure that your protection requirements are discussed.
Unfortunately, this is often overlooked by buyers and brokers with the primary focus being the securing a Mortgage.
Ensure that you start having conversations about protection from the start of your mortgage journey. This will mean that you have time to research any policies you already have in place (as well as work related policies) the sum of money covered, circumstances covered and the length of the policy term in place.
Familiarising yourself with this information will support you to understand the process better and consider a budget to your protection needs. This will ensure your house is secured for you and your family from the very first mortgage payment!
Brokers are experts in ensuring that if any of these tragic situations happen, your family remains protected. For expert advice on protection needs, contact The Mortgage Girl.