Simon Halifax – Senior Marketing Consultant, Royal London
Renovating a home could have an impact on your client’s savings and income.
‘Grand designs’ or indeed home renovations appear to have really taken off this year, especially where I live. As there are a huge number of homes getting extensions, roofs replaced or new windows and doors. I’m not sure if it’s taking advantage of a better summer or if it’s a noticeable change in that more and more homeowners now want to craft and develop the home of their dreams.
I can certainly resonate with the last statement having gone through my own home improvement project last year to install a two-storey extension at the back of my house. We had more rain than sun to contend with but generally the project went to plan, although it seems like most ‘grand designs’ we did exceed our budget!
And that’s really the point of this article, we can usually find the money to stretch ourselves in these type of circumstances – be that through savings, family ‘donations’ or even taking on small loans. With the promise that you’ll pay it back or you’ve got time to build up savings again – but what if you can’t? What would happen then? We think that our ability to earn will continue but what if it stopped through say an accident or a serious illness?
You could have clients in this situation and it may be an opportunity to revisit them to check that they still have enough protection in place, or if they don’t have any cover at all? For some, who rejected cover when they first took out their mortgage as they didn’t need it, “I’ve got my savings to fall back on” – well that may no longer be the case.
The thought of what could happen to your clients if they’re not properly protected is potentially devastating – that home of their dreams would be gone, and all that investment lost too. Could you imagine how they’d feel having to sell their home, one that they’ve worked so hard for, moulding and adapting to how they wanted it?
It’s only natural that as humans we try not to think about these types of events, we want happy and fun life experiences. It’s one of the reasons why we developed our Run for Cover game – it’s a less serious way to get clients thinking about the future, their finances and how they’d cope should something not quite go to plan. You can visit the game at runforcoverquiz.com and share with your clients to get them thinking about protecting their future, or even current dreams and ambitions.