In addition to the excitement of receiving the keys to your new home and unpacking the boxes it is equally important to ensure any gaps in protection are filled which would potentially leave you exposed should the worst happen.
Whilst it is often uncomfortable to discuss, consider the following:
- How would a surviving partner cope in the event of one owner dying?
- How long would you be able to maintain either mortgage payments and/ or standard of living if you are off work for a prolonged period of time?
We help with the hidden biggest step which is ensuring peace of mind by plugging any identified protection gaps.
Often linked to a mortgage, this is designed to pay out a lump sum that can be used to pay off the mortgage should one of the home owners die, alleviating any further potential financial pressure on the surviving partner. This can also be placed in a trust meaning quicker access to the money and sheltering from inheritance tax (we do this without charge).
In a similar way to life cover, these policies pay out a lump sum should you suffer a critical illness which could potentially affect your ability to work or look after children and includes illnesses such as cancer, heart attack and stroke along with a range of illnesses from blindness to organ transplantation.
Paid out in the event of death or critical illness, rather than a lump sum of cash these policies are designed to pay a monthly amount based on the needs of a family whether that be for mortgage or rental payments, school fees, childcare or maintenance of quality of life.
How long are you paid by your employer if you are unable to work due to illness, sickness or injury? Most people do not know the answer to this question until finding out the hard way.
Income protection is designed to pay out a monthly tax-free amount after a period of time off work (aligned to work sick pay) until retirement or returning to work. Feeling rushed to get back to work due to financial pressure cannot help recovery - with Income Protection that pressure is alleviated.
Designed to cover the mortgage should you not be able to work due to accident or sickness, this can also include cover for unemployment however payment is often limited to a maximum of 12 months.
Having spent hard-earned money on your new property, why risk your property and belongings on a cheap policy that may not adequately cover your possessions? Policies are available that can cover accidental damage and emergency cover. Buildings cover is required to be in place by exchange of contracts.
LEGAL INFORMATION
Latitude Finance Ltd is an Appointed Representative of BrokerSync Ltd, which is authorised and regulated by the Financial Conduct Authority (1031981).
There may be a fee for Mortgage Advice. The precise amount will depend upon your circumstances and will be agreed upon following your initial meeting.
Equity Release, Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. Latitude Finance Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Conveyancing, Wills, and some forms of Buy-to-let Mortgages and Commercial Mortgages are not regulated by the Financial Conduct Authority.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is, therefore, primarily targeted at consumers based in the UK.
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