When you are taking out a new mortgage or buying a property it is vital that you do your homework and work out what you can afford. You should also take into account an all-too-often component that gets forgotten until after the new mortgage or property purchase is completed. Insurance!
There are many types of insurance available and this section is designed to help you understand what the main groups of insurance are designed to cover. Some you must have and some that are optional. For example if you have a mortgage the lender will insist you have buildings cover, often referred to as bricks and mortar insurance.
When considering insurance it is important that you understand the cover that you are purchasing and that you can afford to keep it going if things get difficult or your circumstances change. You must also ensure that the cover is important, relevant to you, and suits your circumstances.
Good practice is to check if you have insurance cover with other insurance you may have, or with for example, benefits with your employer for example, If your employer covers you with full pay when you are sick, you may not need mortgage payment protection. With life insurance, you may already have cover with your employer or with other financial products you have. So it is very important that you check what you have before you buy additional cover to see if you are under or over insured.
Insurance, except where mandatory like building insurance, is a personal choice, and you must understand what it is you are buying. Insurance policies are usually long terms products and you must be sure that you really want and need the cover you are buying to avoid wasting money.
At Obligo we believe in expert advice. If its mortgages, we are the experts. For expert insurance advice we have teamed up with some of the very best insurance experts in the market to bring you the best cover at low prices, from insurance experts you can trust including for example, brands like Insure&Go.
