Many people find themselves asking “Do i need critical illness insurance cover”
How many of us have time to think about what would happen if we were unable to pay our mortgage due to being incapacitated and unable to work? Critical illness cover, for a small monthly fee, can ensure that should you become ill and unable to work, you will quickly receive a substantial, tax-free, lump sum. This will mean that you can concentrate on recovering from your illness without worrying about how your bills and mortgage will be paid, meaning that there is less stress for yourself and your family.
About critical illness insurance cover
In today’s society we are lucky that if we become critically ill we know that we have the National Health Service to care for us and some of us have private medical insurance to ensure that, should we become unwell, we will be cared for. However once the initial work of saving for a house deposit has been achieve and we are on the property ladder, it is often tempting to save money by not taking out extra insurance, but if you become unwell this decision could prove to be a costly mistake.
Although the welfare state is designed to pay a nominal amount should we become incapacitated it often does not cover the self-employed and is also significantly less than most full time wages. Therefore, if you find yourself unable to work due to ill health, it is not enough to think that any sickness benefit would cover your existing financial obligations. Critical illness cover, for a small monthly fee, can ensure that should your situation change and you are unable to work due to ill health, you will quickly receive a substantial, tax-free, lump sum. This will mean that you can concentrate on recovering from your illness without worrying about how your bills and mortgage will be paid, meaning that there is less stress for yourself and your family. Ascot Mortgages, market leaders, can efficiently help broker you a deal that will be cost effective and provide you with peace of mind that, should you become unwell, financial concerns will not be one of your, or your family’s, worries.
The increase in people taking out critical illness cover, up to 1 million additional customers in just one year demonstrates that people rightly believe that it is a prudent investment. People take out other insurance, for instance home and content, to protect the property and so it makes sense that people are realising that critical illness cover is another means of protecting their obligations and possessions should their situation change. This is especially important as people live longer and with the recent talk of the retirement age being extended considerably, it is more important than ever to have strategies in place to protect us should we become unwell. Accordingly, as life expectancy increases, serious illnesses are prevalent, with one in four women and one in five men being affected by one before they retire and there are now over 30 illnesses and diseases covered by the insurance, although this can vary between individual providers. It is also flexible, allowing you to take it up at any time and for varying periods, either covering whole of life or until your mortgage is paid off, for example. Ascot Mortgages can help you decide the cover that suits you best, meaning that you get peace of mind at the best price. By taking out critical illness cover, you could use the money to buy you time whilst you decide any changes that you need to make to your life, it could pay off your mortgage or debts or even be used for child care or help at home. The flexibility of the money that you would receive, if you should become seriously unwell, means that you can concentrate on yourself without any financial worries. As market leaders, Ascot Mortgages can use their knowledge to get you the best deal with the least hassle.
Other types of mortgage protection insurance
If you would like to arrange a free consultation to help you understand which mortgage protection product will be right for your situation, including accident, sickness or unemployment cover, mortgage life insurance, income protection insurance and critical illness insurance cover, and any other options available please contact Ascot Mortgages – we are will be happy to explain things in a clear, unbiased and helpful way.
There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. This will typically cost £3 per month for every £100 of benefit. For impartial information about insurance, please visit the website at www.moneymadeclear.org.uk