This is one of the hardest areas to write about for me, because it’s the most important, THE MOST IMPORTANT and if you are reading this and don’t have insurance, then we need to talk about it.

There are a number of different types of insurance, we can go over them together and you will see them in detail here on the website. Which you have is less important than at least having something in place to help should you find yourself in need.

No mortgage? No problem – you can still get insurance as it isn’t linked to a mortgage.

If you do have a mortgage, mortgage companies won’t check you have it either. Their security is your house. As long as you have insurance for the house – buildings cover, then they are satisfied that their money and investment is protected. If you don’t yet have buildings insurance we can put you in touch with an excellent company to help with this, click here.

So why do I need it?

I could tell you story after story of tragic circumstances, both personally and professionally, but instead, I ask you to consider – really, really, consider the following questions (spoiler alert, it’s not a happy or easy conversation, but we are adults and this is important!):

• What happens if I die?
• Who pays the funeral costs?
• What happens if I get cancer or another serious illness?
• What happens if I’m off work sick long-term?
• What happens if I can’t work for one month?

Okay, now you’ve done that exercise, grab a piece of paper, grab a pen, and let’s do it again. (Did I mention this is important.) This time make sure you are answering the really hard questions:

Did you consider:

• How good is that Work Cover really? What if you change jobs? What is SSP, how much is it, how do I apply? 

• Do you have young children or elderly relatives that depend on you? Who provides childcare or gets them to school or appointments if you are unable to?

• If I’m seriously ill, travelling to hospital appointments, or being made weak and tired from treatments, how do I get to and from the hospital, how do I get my food shopping, what if my home needs adaptations? How do you pay for your pet food and care? Who walks the dog?

• Let’s say you decided you would move back to your parents or siblings. What does that look like?

• How long will it take to sell your house? Who pays the costs on that while you wait and who pays for the funeral?

• Life insurance to cover the house if you die can be very cheap and ensures the mortgage is paid, but… What next? How do they get to stay there without you, who covers the bills and food without your income? What about kids clubs or sports clubs, do they have to give those up? Will additional care now need to be paid for – after-school clubs, childcare or in-home care for elderly relatives or meals on wheels?

You may say “I don’t need it yet, I live at home with my parents, I’m saving my deposit “ – okay, let’s play this through… You have an accident or get unwell and now you can’t work, do you lose all your hard earned savings, on keeping up the car and mobile phone payments? What if the issue is more long-term, does the home need adapting? Who pays for your lifestyle from now forwards? What about holidays and meals in the future? And the younger you are, the cheaper it is to put insurance in place.

I’ve seen insurance offered for less per month than many people spend on fancy coffee or alcohol. You should be able to get something in place even with a minimal budget. If you’re covering pet insurance or your washing machine or your mobile phone, and not yourself, you need to correct this!

If you’re serious about insurance, I recommend around 10% of your rent or mortgage payment is a reasonable figure for insurance payments. My own personal insurance is equal to 25% of our current mortgage payment which has allowed for a tailored portfolio of products, including income protection, life and critical illness cover and family income benefit, but your budget is up to you.

“This is all true – but I can’t get insurance “ – for some people who are already unfortunate enough to have serious long-term ill health, sadly this can be true, however the industry is evolving. If you have been refused due to your BMI or medical history, you may now be eligible. There are a few providers who are leading the way in covering diabetics and those in remission from cancer, so it’s always worth a call to see if the industry has caught up with your needs.

We do not charge fees for reviewing or applying for insurance on your behalf. It’s that important to us that you are covered. We do get paid a commission by the insurer which is a commercial decision and does not impact your premiums.

Get in touch with Evergreen Mortgages today, for your free insurance review.