Nearly a third of homeowners (31%) have said they would only consider purchasing protection insurance if they fell ill1 – which defeats the point as it’s already too late.
Other triggers for taking out protection include having an accident (24%) or a change in employment status (25%). Worryingly, 22% say there is no circumstance that would make them consider purchasing a protection product. Other reasons given include not thinking they need it (28%), believing it to be too expensive (25%) and not being able to afford it (22%).
No regrets
Unfortunately, once people experience a change in their circumstances, it is often too late to protect themselves. Protection policies rarely offer backdated cover, meaning that homeowners could find themselves in unnecessary financial difficulty as they try to meet their financial liabilities. Many of those questioned said they wish they had better understood the true value of protection, with one in seven people (14%) regretting not having financial protection in place that would have supported their mortgage payments in the past.
Get ahead
We can advise you on suitable and cost-effective products to protect you and your family financially – before it’s too late. As with all insurance policies, conditions and exclusions will apply. Source:1metlife.co.uk/about-us/media-centre/
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For Lifetime Mortgages/Equity Release the fee will be £799.
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