Jeremy Hunt will make his spring Budget announcement this week, and there has been lots of speculation about whether he will announce tax cuts ahead of the next general election.

However, in recent weeks it seems like there’s been an attempt to manage our expectations, with the suggestion that his focus is on the longer term. This has led some to report that we shouldn’t expect any ‘quick wins’ – particularly because many of us are still facing an uphill struggle financially after two solid years of rising prices.

In the current climate that has been marked by escalating living costs, including rising mortgage repayments and energy charges, coupled with ongoing economic uncertainty, it might be tempting for some people to overlook the importance of life insurance. This may also be true for life insurance covering the most significant financial commitment for many families—their mortgage. However, these very factors contributing to financial strain today could amplify the vulnerability and distress a family faces in the event of an unforeseen serious illness or the unfortunate death of a loved one.

Although not mandatory when securing a mortgage, life insurance can serve as a crucial shield against financial hardship if the borrower were to pass away. Surprisingly, 40% of the UK’s mortgage holders lack life cover, potentially leaving themselves and their families financially exposed in case of the unforeseen—a disturbing statistic revealed by the Financial Conduct Authority (FCA) Financial Lives Survey published last year.

The FCA’s research also highlights that less than one-third of mortgage holders (32%) have a critical illness policy, putting millions more at risk of financial hardship or even the possibility of losing their homes if a serious illness were to strike.

While we all aspire to lead long, healthy, and joyful lives, unfortunately, unforeseen circumstances are often beyond our control, making it impossible to always prevent the worst from happening.

In an era where the cost of living is on the rise, and the real value of wages is pressured by inflation, there has never been a more crucial time to consider obtaining the right level of life insurance and critical illness cover.

The risk of an unexpected death or critical illness pre-retirement is particularly poignant—it entails leaving dependents without sufficient financial support, a concern that looms large when it involves a mortgage on the primary residence, often the most substantial loan an individual takes in their lifetime.

While we cannot predict what the future holds or prevent life's uncertainties, it is within our power to safeguard our loved ones and families from the burdens of debt and financial hardship in the face of the unthinkable.

If you believe there is no time like the present to think about life insurance and wish to explore available options to plan for your family’s future and gain peace of mind, Essential Insurance advisors are ready to assist you. Contact us today at 0800 612 8005.