Did you know that eight out of ten mortgage holders have no income protection at all? That is a shocking statistic, but the question is why?
According to the latest State of the Protection Nation report from Royal London, 42 percent of people with a mortgage have no life cover in place.
To add to this, 71 percent of people with a mortgage have no protection in place should they suddenly become critically ill and 81 percent of Britons with a mortgage have no income protection in place.
Income protection is important for both those with mortgages and those who are renting.
WHY DO I NEED INCOME PROTECTION?
If you were to be involved in an accident or fall suddenly ill, income protection will allow you to keep making payments towards your mortgage or rental property keeping a roof over your head.
ISN’T INCOME PROTECTION EXPENSIVE?
There’s a common misconception that income protection is unaffordable, especially for young families with a mortgage or individuals who are renting in expensive areas of London.
This isn’t necessarily the case.
There are a lot of options available when it comes to income protection, that’s why it makes sense to talk to an expert who can help you find the one that suit you and your unique situation.
It’s also important to think about the cost of being unable to pay your mortgage. Should something unfortunate happen not being able to stay in your home could have disastrous consequences for your recovery.