Insurance is essential: Sirianni

“While many may believe that the loss of the family home is due to interest rate rises and financial over-commitment, in fact the main reason people are forced to sell their home is as a result of illness, injury or death,” Mr Sirianni said.

Research shows that more than three out of four Australians will contract a serious illness at some stage in their working life, while one in every six men in their 40s will die before the age of 65.

“As confronting as it may be, the reality is that death, disability and serious illness may some day impact a family, with very real financial and emotional repercussions,” Mr Sirianni said.

As such, it is vital that brokers include insurance as part of their service offering.

“People will take out home and contents insurance to protect their new home, but don’t take out insurance to protect their very ability to be able to pay the mortgage that allows them to have that new home,” he said.

“Buying a property and taking on a mortgage is a significant life event with a high level of financial commitment, so it’s critical to look at protecting your financial position so that if anything happens to you, your family can keep their home and manage financially.

“We strongly advocate that this is the ideal time to consider financial protection.

"It’s important to take a holistic approach to your entire financial situation, and this includes ensuring you put appropriate insurances in place to protect you and your family should the worst happen.

“Any time you look to take on any form of property finance, you should be asking yourself how you can manage the risks associated with that financial commitment.”