Congratulations on securing your mortgage! Now that you’re set to become a homeowner, it’s time to consider how to protect this significant investment. Life insurance, critical illness cover (CI), and income protection (IPB) play essential roles in safeguarding your home, your family, and your finances in case of life’s unexpected events.
Why Consider Life Insurance?
Owning a home comes with new financial responsibilities. Life insurance is one way to make sure those obligations are met if you’re no longer around to provide for them.
If you pass away, life insurance can pay off your mortgage, helping ensure your family can stay in their home without the financial burden of monthly payments.
This provides security for your loved ones. It means that, in the worst-case scenario, they won’t be left worrying about the mortgage or risk losing their home.
What About Critical Illness Cover (CI)?
Critical illness cover goes beyond life insurance by providing financial support if you’re diagnosed with a serious illness. In this case, a lump sum payment can help cover your mortgage, medical bills, or lost income during treatment and recovery.
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CI cover offers a payout if you’re diagnosed with a specific condition, such as cancer, heart attack, or stroke. This gives you and your family breathing room to focus on recovery instead of finances.
With a serious illness often come additional costs and time away from work. CI cover can help you manage these challenges without affecting your mortgage or standard of living.
Why Consider Income Protection (IPB)?
Income Protection is another valuable safeguard that provides a steady income if you’re unable to work due to illness or injury. This policy ensures that your household can maintain its financial obligations, including your mortgage, even if your regular earnings stop.
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IPB can pay a percentage of your salary while you’re unable to work, providing financial stability when it’s needed most.
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Income protection policies are flexible, allowing you to customise the level of cover and duration of payments to suit your needs and financial goals.
When Should You Take Out Protection?
As Soon as Possible
Starting protection early can save money, as premiums are often lower when you’re younger and healthier.
Cover can also be hard to arrange once you start experiencing health conditions.
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How Equinox Mortgages Can Help
At Equinox Mortgages understand that choosing the right cover can feel overwhelming. Here’s how we can make the process straightforward:
- Tailored Protection Plans
We’ll work with you to identify the types and levels of cover that best meet your needs, so you can feel confident that you’re prepared for the unexpected.
Our Panelled status gives us access to a broad range of life insurance, critical illness, and income protection options. We’re committed to finding the best value and coverage for you.
- Transparent, Ongoing Support
Our relationship doesn’t end with your mortgage. We’re here to ensure your cover remains up to date as your needs and family circumstances evolve.
Ready to Protect Your Home and Future?
Securing the right insurance can provide comfort and confidence as you step into homeownership. Let us guide you to the best options to protect both your mortgage and your peace of mind. With Equinox Mortgages, you’re not just buying a home—you’re creating a secure future for yourself and those who matter most. 🌓
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