When buying a home, most people understandably focus on the exciting parts such as choosing a kitchen, planning decor or imagining new furniture in each room.
When buying a home, most people understandably focus on the exciting parts such as choosing a kitchen, planning decor or imagining new furniture in each room. But when it comes to financial protection, it often falls much lower on the priority list.
In fact, recent research shows that homeowners are more likely to prioritise spending money on new furniture (36%), redecorating (26%), or installing a new kitchen or bathroom (25%) than taking out protection insurance - with only 15% saying it was a priority to get protection in place.
While improving a home is important, this highlights a worrying gap when it comes to financial resilience.
The Protection Gap That Many Homeowners Overlook
Despite protection being lower on the list of priorities, many mortgage holders are still concerned about their financial stability.
Research found that:
- 62% of mortgage holders worry that they could lose their home if they became too ill to work.
- 56% said that they would struggle to keep up with mortgage payments after six months without an income.
These figures highlight a key issue that while many homeowners recognise the risk, fewer are taking steps to actually protect themselves against it.
Why Protection Matters
Mortgage and income protection is designed to help you stay financially secure if life doesn’t go to plan.
This could include:
- Being unable to work due to illness or injury.
- Loss of income through unexpected circumstances.
- Ensuring your mortgage and essential bills are still covered.
Put simply, protection insurance is there to help safeguard your home and lifestyle when you need it most.
While no one likes to think about worst-case scenarios, having the right cover in place can provide peace of mind that your home is protected, no matter what happens.
Balancing Today’s Priorities with Tomorrow’s Security
It’s completely natural to focus on making your house feel like home, whether that’s a new kitchen, furniture or decorating. However, balancing these short-term goals with long-term financial protection is key to building a secure future.
Protection insurance doesn’t replace your plans for your home, it protects them.
How Can We Help?
At Chrysalis Wealth, we help clients understand their protection needs alongside their wider financial planning. Our advice is tailored to your individual needs and circumstances, helping you find cover that genuinely fits your situation.
We’ll take the time to explain your options clearly, without jargon or pressure, so you can make informed decisions about your financial future.
If you’d like to review your protection or understand what level of cover might be right for you, we’re always happy to help.
Source:
https://www.covermagazine.co.uk/news/4524648/protection-ranks-lowest-importance-homebuyers
