Paying a mortgage is a near lifetime commitment. Make sure you have a backup plan, make sure you have mortgage protection insurance in case you are otherwise unable to pay.
You only need to turn on the news at night to realise that you never know what is going to happen next, from personal tragedies to natural disasters, there are a million different things that can go wrong, that may jump out and knock you from your planned trajectory. It is because of this uncertainty that we have insurance. It is a safety net for when disaster strikes, it is a security blanket that ensures that if something bad happens, it will not get compounded by further woes, that when the unthinkable occurs, you at least have a source of money to help get you out of the hole.
Taking on a mortgage is a massive commitment. In duration, the only other commitment in life that surpasses it is getting married. And where you can end a marriage early if you so choose, things are not so easily ended with a mortgage. When you sign up, you need to ask yourself some big questions. What happens if you lose your job, what happens if you have an accident or illness that prevents you from working, what if you become permanently unable to work through some illness or injury, or what would happen if you died before you had finished paying the mortgage off?
These are all important questions, but luckily, there is a relatively easy answer to all of them, mortgage protection insurance. Naturally, it all depends on the type of policy you get, with the cheaper ones only providing coverage in case of redundancy. If you go for one of the more comprehensive policies though, you could get full coverage for all the scenarios above. Though, it pays to remember that you may have some form of income protection insurance as well that could help in some of those cases.
In most cases, you will pay a certain percentage of your monthly mortgage payment for your policy, and that small amount could end up being a real life saver. Make sure your biggest asset is protected, find out about mortgage protection insurance and give yourself and your family some security.