I have a few big questions for you to think about. Why did you purchase property? Or why are you considering it now? Was it to invest and prepare for your future? To provide a consistent home for your family? Or to create wealth?
I usually get positive and/or smart responses and as a mortgage broker it’s a big part of why I love my job. I get to help people into their own home and see them invest into their future and it’s hugely rewarding. But it’s also why I feel responsible to raise the topic of life insurance.
Before you opt out of the conversation, it’s important for you to understand that life insurance doesn’t just mean a payout if the worst was to happen. I’m talking about being confident that your investment and hard work don’t go to waste if your situation were to unexpectedly change.
When you become a property owner you need to think about what would happen if one day you weren’t able to pay the mortgage. Or if, out of the blue, you lost your job, became injured, disabled or ill. What’s your back up plan?
An inability to meet your loan repayments can have serious consequences not only for you but also your loved ones. This is where life insurance plays a significant role in your back up plan. There’s a huge range of very affordable policies out there that could be the difference between losing or keeping your home during an already tough time.
Premiums can be personalised to your needs and are based on your cover amount, gender, age, and budget. Just like home loans, you could do the research yourself but it makes sense for me to do the legwork for you.
If you’re a seasoned property investor you’re likely to already have cover in place. Great! Just make sure you review your policy if your situation changes so that it stays relevant.