Buying a first home represents a major commitment for any couple or individual and traditionally has acted as the trigger for people to buy protection insurance. But with many marrying later, having children later and buying their first home later in life, how can we ensure people are prepared for the future regardless of what life stage they are at?
In the industry we know it makes perfect sense to take out protection insurance when you are young, fit and healthy. Being struck down with a serious illness can happen at any time, not just in middle age. And the longer someone puts off buying protection the more expensive it will be. It is also important to make clients aware that if they leave it until later in life they may develop health problems that could make the policy unaffordable or they may be refused insurance altogether.
“What comes first protection or mortgage? The conversation around protection can be a tough one”
The conversation around protection insurance can be a tough one. But if the unthinkable happens, even those who haven’t set foot on the property ladder yet, will need a financial safety net in place to protect them from the financial consequences of a critical illness.
We are told that the average age of a first-time buyer could be 40 by the end of the decade. But that doesn’t mean the protection sale needs to wait until then. Get the message out to younger clients that they should be laying down firm financial foundations now, not waiting until it’s too late.