Life Stages : Buying a Home
It’s one of the most exciting times in your life buying a home. Seeing the potential in a “renovator’s delight”, or seeing yourself growing old in the forever family home. And when the big day finally arrives, and you have that signed contract in your hand, there’s such excitement, tinged with a new feeling: financial responsibility.
For most people, their home will be the biggest investment they ever make. So it makes sense to think about how you would pay the mortgage if you can’t work temporarily, or even permanently, to protect your investment, and the life you imagined living there especially if you have bought your home with a partner.
In this day and age you will likely be starting out you new life as a home owner with a big ole mortgage. That is a substantial amount of debt that you and your partner plan to pay off over the long term. So if you are unable to work through disability you should really make sure that there is enough funds to continue to pay the mortgage and keep a roof over your heads (get income protection). Similarly if one of you pass prematurely you should make sure that the surviving isn’t left with a mortgage that they cannot pay by themselves with life insurance (this may mean only covering half the mortgage if you are equal contributors).
Most likely you have already thought about this if you have purchased your first home, but you already are budgeting to make sure you can cover all the bills and live life. So life insurance can be a bit scary to think about because it is yet another cost to cover. That’s why it is important to sit down with an adviser (like at Life Insurance Plus) that will listen to your concerns. We can help you put together a package that fits your budget, we get this situation as we have been there ourselves so generally our recommendations will be looking to save as much as possible for first home owners. It is also why keeping in touch with our clients and reviewing every year is so important.
Bottom line you know have a big financial responsibility and you need to make sure you have the best cover for you and the best price so get in touch with one our advisers today.
