Buying a home is one of the biggest financial commitments most families will ever make. For parents, it’s not just about bricks and mortar - it’s about security, stability and protecting the people who rely on you most.
Buying a home is one of the biggest financial commitments most families will ever make. For parents, it’s not just about bricks and mortar - it’s about security, stability and protecting the people who rely on you most.
Yet new research suggests that too many parents are overlooking protection insurance when purchasing a home, potentially leaving their family financially vulnerable if the unexpected happens.
Parents Are Underestimating Financial Risk
Recent data shows that only 19% of parents actively planned for protection cover when buying their home.This is despite the fact that many families have limited financial resilience.
The research found that the average parent could only maintain mortgage repayments for around 4.5 months if they suddenly lost their income. With 43% of parents said they would want insurance to help them maintain their standard of living if they were unable to work.
This gap between awareness and action highlights a worrying reality, many families are just one illness, injury or job loss away from financial stress.
What Do We Mean By “Protection”?
Protection insurance is designed to help keep your family financially secure when life doesn’t go to plan. It can provide vital financial support if you’re unable to work due to illness, accident or worse.
Common types of protection include:
- Life insurance - pays out a lump sum to support your family if you pass away.
- Income protection - replaces a portion of your income if you’re unable to work due to illness or injury.
- Critical illness cover - pays a lump sum following diagnosis of a serious condition.
When arranged correctly, protection can help cover mortgage payments, household bills, childcare costs and everyday living expenses. Giving families breathing space during difficult times.
Why Is Protection Important For Parents?
For parents, the financial stakes are higher. Children depend on a stable home, routine and support. Any sudden loss of income can disrupt all of these.
Protection can help:
- Cover your mortgage and household bills
- Protect your family’s standard of living
- Avoid dipping into savings or relying on credit
- Provide peace of mind, knowing your loved ones are financially protected
It’s not about expecting the worst, it’s about planning responsibly for the unexpected.
Getting The Right Advice Makes All The Difference
Every family’s situation is different. Factors such as income, employment type, existing benefits, childcare costs and future plans all play a role in determining the right level of cover.
As protection specialists, we take the time to understand your circumstances and recommend cover that fits your needs and budget.
- Cover tailored to your family
- Clear explanations, no jargon
- Ongoing support as your circumstances change
Let’s Protect What Matters Most to You!
If you’re a parent with a mortgage or planning to buy a home, now is the time to review your protection. The right cover could make all the difference when it matters most.
Get in touch today to speak with one of our family protection advisers and take the first step towards greater financial security for your family.
Sources:
https://www.ftadviser.com/content/8d7135ee-7e94-4c64-97cd-ff78a0be41e7
