Personal Insurance
Buying your own home is an exciting thing to do. It opens a new chapter in your life story, and maybe it fulfils a dream you have had for a long time. You look forward to the future with great optimism.
But things do go wrong for some people, and they may go wrong for you. This is not to say that we should always be worrying about what the future holds for us, because life would be pretty dismal if we did.
Successful financial planning not only requires some effort on your part to learn and research, but also it takes a fair amount of courage - the courage to consider the possible "down-sides" from time to time and make decisions accordingly.
This will not remove the uncertainties of living, but it should remove the guesswork or “fingers-crossed” approach that has led some people into financial disaster.
When considering the risks to your and your family’s financial security, summon up the courage to ask yourself:
"If that had happened to me yesterday, how would I want things to be today and in the future?"
If you are married or have a partner, ask yourself another question:
"If that had happened to them yesterday, how would we want things to be today and in the future?"
The answer to these questions will set your objectives, and provide the foundation for the decisions that you make.
The items in this Section will deal principally with insuring against risks in connection with your mortgage. When planning your overall insurance needs it is a good idea also to consider the threats posed by these risks on other areas of your life, such as other loans, overdrafts or credit debts, and the medium to long term income needs of your dependents if you have them.