Thinking about what might happen if we die, is difficult. It is something that we put off considering until another day.
Or it may be that you have already wisely put some mortgage protection in place to pay off the family mortgage in the event of the worst happening.
According to Justin, though, this is not the end of the story. Your surviving spouse will have to deal with all the ongoing costs of running a household – council tax, water, gas, electricity, car tax and insurance, TV licence, broadband, mobiles, telephone, food, toiletries… the list goes on.
If childcare is added into the equation, then there are extra costs which may not be incurred at the moment – whether it is because your spouse will need to reduce their hours of work to look after the children or pay for extra childcare.
If both parents pass away at the same time, then this will impact their guardians and trustees.
There is a solution – and a fairly inexpensive one at that – a “Family Income Benefit policy”.
This policy is used to ensure that a family’s income is maintained at an acceptable level if one or both of the breadwinners pass away. It will pay a monthly income into the home, at the level specified in the policy, until the policy's termination date.
There is no minimum or maximum cover required.
Justin has over 10 years experience working with one of the country's largest debt advice charities - if you would like an honest appraisal of your current protection arrangements just send Justin an email and he will arrange a free review. (Please mention “thebestof”)