What would happen if you fell critically ill? Would you still be able to work and pay your mortgage? What would happen to your loved ones?
At The Mortgage Library we work with you to ensure that if you are ever faced with this scenario, you are covered financially.
Looking for critical illness cover?
Critical Illness cover is like life insurance; however, it is designed to pay out a lump sum on the diagnosis of a Critical Illness (rather than death). The illnesses covered will be mentioned in your insurance policy and may vary slightly from provider to provider. You will have the option to set this up as being paid a lump sum or alternatively, monthly cover.
These funds are designed to help cover the mortgage as well as any unexpected personal expenses owing to the critical illness.
If you don’t have savings to fall back on or even benefits through your employment, then Critical Illness Cover is something you will want to think about. Just like life insurance, critical illness cover is certainly a must have if your family are dependent on your earnings.
Most critical illness policies come with Life Insurance as standard but speak to your adviser today and they will recommend the best policy to suit you.
A critical illness is not necessarily a life-threatening condition however it is normally life changing. The number and severity of conditions covered on your individual policy will vary depending on the provider. Examples of conditions covered include some forms of major cancers, heart attack, stroke, paralysis, heart valve surgery, kidney failure and many more. Some providers will cover conditions that others don’t, so it is important to seek advice in this area.
You don’t need to wait until you have moved into your new home before setting up the cover. The experts at The Mortgage Library will help you arrange a suitable cover in plenty of time for your moving date. You legally own the property from the day you exchange contracts, so it is vital you have something in place by this point.
This is all part of the service provided by our Librarians, and like everything else, is tailored specifically to your individual needs.