Mortgage Protection
Nobody wakes up in the morning and thinks “I know, I’ll get a mortgage.” Instead, most of us are drawn in by the promise of a beautiful home for ourselves and our family. What then, would you do if a catastrophic event were to befall your family such as loss of either of the borrowers? Would the surviving borrower be able to maintain the repayments on their own, as well as taking on the additional responsibilities that suddenly come their way? Having the mortgage repaid in one payment certainly would appeal to most joint borrowers or those with families.
Of equal significance is the impact that a critical illness could have on your ability to pay for a mortgage. If you or your partner were to suffer from a heart attack, cancer or a stroke how would you balance paying your mortgage, other financial responsibilities, family responsibilities, work and treatment? It’s likely something would have to give.