A recent survey conducted by Liverpool Victoria found that half of Britain’s Homeowners took out insurance policies to protect their domestic appliances, as well as spending an average of £1266 on home security systems. In comparison just over a third (37%) said they had taken out any form of insurance to protect their mortgage payments in the event of a sudden loss of income.
Part of this reason may be the bad reputation for payouts, this may be undeserved! Skandia paid out 92% of its critical illness claims and nearly 100% of life cover claims made in 2009.
If your monthly mortgage payments have benefited from the lower interest rates and at the time of taking out your mortgage you rejected the protection options for financial reasons, now may be a good time to revisit your mortgage and family protection requirements.
Tags: critical illness insurance, Life Insurance, term assurance
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