No one likes to think about worst case scenarios such as losing one's job, becoming seriously ill or dying, but latest Government statistics show that such disasters can befall people at any age.
Recent mortality and health figures provide sombre reading for those with a mortgage.
- Mortality rates: during the course of your mortgage you are six times more likely to be killed by lightning than win the national lottery.
- Redundancy: each year one in 200 people is made redundant.
- Serious illness: mortgage borrowers are more likely to be diagnosed with cancer or have a stroke than ever get a hole in one at golf.
Although such disasters are rare, the unexpected can happen, but too many people still enter into a mortgage arrangement without any form of mortgage protection or life insurance.
According to research by the Centre for Economics and Business Research single women are among the least likely to fear the unexpected and are ignoring a raft of long term financial products, including mortgage protection and life insurance.
If you decide the risk of not protecting yourself or your family is too great, you are not alone. According to the Association of British Insurers around 2.5 million new payment protection and life insurance policies are taken out each year, with those related to the term of a mortgage by far the biggest proportion.
See also: Life Assurance & Mortgage Protection
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