Key To Mortgages – The COVID-19 outbreak is having a huge impact on people’s livelihoods across the globe.
As a Bournemouth Mortgage Broker, I see local Businesses are suffering, with sectors such as retail, leisure and hospitality at a complete standstill. Thousands have lost their jobs, and their lives, to the disease, leaving their families facing an uncertain future.
The government has announced hundreds of billions of pounds of financial support to help people keep their jobs and a roof over their heads. But many are ineligible for support; for others, it has come too late to save their jobs.
A stark reminder
Never before have we been so forcibly reminded of the need for protection cover. According to a recent YouGov survey, 32% of Brits fear for their future, one in twenty have lost their job, while a further one in 11 have seen their pay or hours reduced.
The crisis has shown us that unexpected events can strike at any time, and highlights the need for life insurance and income protection to keep us afloat during times of financial hardship.
Look after your loved ones
How would your family cope financially if you were no longer there to provide for them? If you were to die without life cover, your family could face financial hardship at an already difficult time. Life insurance pays out a lump sum or regular income to your dependants if you die, and comes in two main forms:
- Term life insurance – these policies run for a specific period of time (or ‘term’) and will only pay out if you die within this term.
- Whole-of-life insurance – these policies will pay out no matter when you die, as long as you continue to pay your premiums.
Income protection: vital financial relief
Recent events have also shown the severe financial strain of being unable to work, even temporarily. Research2 shows that 56% of 18-35-year-olds believe they would last less than three months on their savings or investments if they couldn’t work, making it more important than ever to get covered.
There are many types of protection insurance, including:
Income protection, which replaces part of your income if you are unable to work because you’re sick or injured.
Critical illness cover, which pays out a lump sum if you develop a specified, serious illness which prevents you from working.
Valuable peace of mind
Nobody knows what’s around the corner, but having the right protection cover in place could provide the reassurance you need in these worrying times. Here at Key to Mortgages Bournemouth, we can help you find protection cover that suits your circumstances, lifting some of your uncertainty and allowing you concentrate on the things that really matter.
As with all insurance policies, conditions and exclusions will apply -SOL8819
Key To Mortgages 