Mortgage and Young People Under 36: protect your investment with the TCM policy

|

Emma Potter

In 2019, the sector of pure risk policies (such as life insurance) experienced a significant moment, with new subscriptions reaching the considerable figure of 831 million euros. However, of this sum, only 283 million are attributable to policies that are not directly linked to mortgages and loans. “Stand alone” protection policies thus emerge as a small part, representing only 0.3% of the total premiums of 104 billion euros collected during the year.

This relatively modest percentage highlights the fact that, despite their importance, stand-alone protection policies make up only a fraction of deals across the vast life insurance landscape. They represent a sort of drop in the ocean of the sector's annual production, demonstrating that the majority of subscriptions concern policies directly connected to mortgages and loans.

However, it should be noted that the presence of “stand alone” policies could grow over time, as more and more individuals are inclined to consider the importance of independent insurance protection, beyond the financial connections related to loans and mortgages. This phenomenon may be driven by a growing awareness of the importance of financial security and personal protection.

Family protection: identifying and addressing emerging needs.

An illustrative paradigmatic example involves a young rising manager, imagine a 36-year-old individual with family responsibilities, including dependent children. He has considerable financial income while diligently building his wealth. However, at the same time, he has to face significant expense flows, such as those resulting from mortgage payments to finance the purchase of his first or second home.

The possibility of an abrupt interruption in your salary could lead to a series of problems, including the inability to meet current expenses and ensure the satisfaction of future needs, such as your children's university studies and your spouse's pension. In this context, an insurance policy with a guaranteed capital of one million euros, extended for a period of twenty or thirty years, would represent an ideal solution. Such coverage would provide the necessary financial security, allowing the young manager to face unexpected challenges without compromising his overall financial planning.

The presence of Tcm insurance coverage thanks to Vitanuova would not only guarantee the continuity of the management of daily expenses, but would also allow us to preserve the economic stability necessary to face long-term commitments, such as investments in children's education and preparation for retirement. In this way, the manager could concentrate more peacefully on his professional and personal ambitions, knowing that he has a financial safety net that supports him in every eventuality.

Choosing appropriate insurance coverage represents a key element in building a solid financial strategy for individuals like the young manager described, offering peace of mind and the ability to advance one's goals without financial worries and uncertainties.

Founding the future: mortgage and temporary insurance for young people seeking housing stability.

Buying a home is often one of the most significant steps in a young person's life, particularly for those under 36 who want to realize their dream of owning a property. In this context, the mortgage appears to be a crucial financial instrument, allowing them to access a personalized housing solution. However, it is equally important to consider financial security in the event of an unexpected event such as the untimely death of the mortgage holder.

To deal with this eventuality, temporary death insurance policies (Tcm) represent an essential element. These policies offer insurance coverage for a predetermined period, providing guaranteed capital in case the policyholder were to disappear during the coverage period. This form of insurance plays a fundamental role in protecting not only the assets of the young buyer, but also his loved ones and heirs.

Let's imagine a 30-year-old young professional who is about to purchase his first home through a mortgage. His career is on the rise, and he has ambitious plans for the future. Opting for a mortgage is a thoughtful decision, but he also wants to ensure that his family is protected in case something unexpected were to happen.

The choice to integrate the mortgage with a temporary death policy therefore becomes a strategic move. Insurance cover of this type can be customized to individual needs, offering a sum insured that covers the remaining mortgage debt. In this way, in the tragic case of the death of the young buyer, the insurance policy comes into play to pay off the mortgage, preventing the financial burden from falling on the heirs.

This combination of mortgage and temporary death insurance provides essential financial peace of mind for young people under 36 embarking on the journey of purchasing a home. It ensures that their investment in real estate is accompanied by a security plan that takes every eventuality into account, allowing them to focus on the joys and challenges of life without financial worries. Ultimately, this strategy reflects a holistic approach to financial planning, highlighting the importance of considering not only present aspirations but also securing the future.

Long-term financial security: Essential advice for young people on TCM.

Acquiring a temporary death insurance policy is a crucial step in the financial planning of young people under 36, especially when taking on significant commitments such as a mortgage to purchase a first home. Here are some practical tips on how to address this important aspect of financial protection:

Every situation is unique. Before making a decision, carefully evaluate your needs and those of your family. Consider your income, remaining mortgage debt and expected future expenses.

Carefully calculate the amount of insurance coverage you need. The goal is to ensure that the temporary death insurance policy will be able to pay off your mortgage debt and cover your family's future expenses in the event of your untimely death.

Choose the duration of the policy based on your life plans. If you have children at a young age, you may want to opt for longer coverage to ensure their financial security until they complete their studies. Alternatively, if you have short-term plans, shorter coverage may be sufficient.

When applying for your policy, make sure you provide accurate details about your health and lifestyle. This will help ensure accurate risk assessment and achieve more competitive rates.

Your financial and family situation may change over time. Periodically, review your term life insurance policy to ensure it aligns with your current needs and circumstances.

For more advanced financial planning, consult a financial advisor or insurance expert. They can help you understand your options and customize a strategy that fits your specific needs.

The temporary death insurance policy is a fundamental security tool for young people under 36 years of age. By following these tips and acting prudently, you can ensure adequate financial protection for you and your family, providing peace of mind in pursuing your goals without financial worries should the unexpected happen.