Can you afford to give up your protection? - Simmonds Mortgage Services

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Can you afford to give up your protection?

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    As the rising cost of living pushes many to cut back on spending, it might seem tempting to give up your protection. But this could end up costing you more over the long term.

    Spending squeeze

    Cutting back on protection is not the same as spending less in the supermarket. Protecting your ability to meet your financial commitments, like mortgage repayments, will allow you to build wealth over the long term. Therefore, ditching your protection policy to save money now could seriously hinder your long-term financial goals. 

    Peace of mind

    Indeed, in turbulent economic times, protection is more important than ever. With the right protection, you are paying for peace of mind and the certanity that you and your loved ones will not suffer financial hardship.

    Premiums

    Moreover, protection premiums are determined by your age and state of health. If you give up your policy now and try to resume it once things are back to ‘normal’ it is likely that you’ll end up paying more. Should your health deterioriate in that time, the new cost could be significantly higher.

    A policy for everyone

    Protection policies can cater to all budgets. So, why not contact us? We can help you find a plan to suit your current and future needs.

    As well all insurance policies, conditions and exclusions will apply

    Andrew Simmonds

    Andrew Simmonds

    Andrew Simmonds is the managing director at Simmonds Mortgage Services. He's been providing mortgage advice to home owners for many years.

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