Are we experiencing a revival of the housing market? Recent reports certainly suggest this is the case.
With an increase in first-time buyers and a rise in property prices there’s an air of confidence returning and that’s encouraging news.
Having taken on the financial commitment of a mortgage, you would think home owners would be very receptive to buying protection insurance.
After all who wouldn’t want peace of mind that if their income stopped due to an accident or illness, mortgage payments and other financial needs will still be met?
But the continuing rise in the cost of living means families still have very little disposable income and will be looking at ways to cut their spend and make budgets go further.
This means protection will fall even further down their list of priorities.
So what’s the alternative if the worst does happen? Dip into savings to make ends meet? Rely on state benefits? Or perhaps or turn to friends and family for financial support? While these could help in the short-term, it would be difficult for a family to survive on state benefits and precious savings won’t last for long.
We need to encourage people to view protection insurance as a necessity just as they do with their car and home insurance. Hopefully it’s an insurance they will never have to use. But if they do, it could be one of the most important purchases of their lives.