Met Life commissioned a survey on what consumers thought regarding their feelings on missing payments to their Mortgage both this and last year.

Interesting findings in the current economic climate:

48% of people said they’re concerned about missing their mortgage repayments in the next 12 months – up from 37% of people in 2021**.  

Usually, Mortgage is the one of the biggest debts & and out goings for a family. Also their biggest asset! losing it is not really an option!

Missing payment(s) in the event of illness or accident can clearly cause a huge amount of upset (both financial and stress) for any family.

Whilst sick pay is a safety net many employers give their staff in their employment package (for some defined period of time) how long could you pay your Mortgage after this period on present savings? Moreover, what for the families who purely have the SSP (or Statutory Sick Pay) as a safety net? As SSP doesn’t protect many Mortgages at only £99.35 for only 28 weeks as a maximum (this doesn’t include other expenses like food or utilities either). Especially if we compare this to the average duration of a Cancer diagnosis by MacMillan Cancer Support. MacMillan claim average duration of treatment is 18 months (78 weeks!) some obviously more terminal that others. 

Income protection defends a family and their home for less than the price of a family takeaway. Could stop so many problems in the event of ANY illness or Accident which prevents us working. So we keep our home, don’t dip into savings (if available?) or get punished with borrowing on expensive credit lines.

Golden Rock Solutions can give Free Independent advice on which companies give the most relevant Income protection for your occupation, health and lifestyle choices . Get in touch for more information

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