What would happen to you and your family if you were diagnosed with a life-threatening illness? Would they still be able to pay the mortgage, cover the bills or pay for your healthcare? Probably not…
Taking out critical illness insurance could make all the difference, ensuring your family is financially secure, and your healthcare is covered. The types of illnesses/conditions covered differ from one insurer to another. However, the top 5 illnesses claimed for are:
- Cancer (represents 60% of claims)
- Heart attack
- Multiple Sclerosis
- Benign brain tumour
However, depending on the insurer there could be between 30 and 120 conditions covered under the critical illness policy.
Why do I need critical illness cover?
Serious (critical) illnesses can happen at any time in our lives and often catch us by surprise. Taking out critical illness insurance, usually recommended by mortgage lenders and mortgage advisors, can give you and your loved ones the peace of mind that financial support is there should you become seriously ill, ensuring:
- Daily/monthly outgoings if you can no longer work due to being seriously ill or disabled, and any savings don’t cover it.
- Cover for long-term illness if your employer doesn’t offer any benefits packages to provide sufficient care and financial support.
- If state benefits aren’t sufficient, you have enough income to cover your outgoings.
It’s worth remembering that not every insurer provides the same level of cover, and it’s not always the best option to go for the cheapest plan. Decide what you want most out of your critical illness insurance, such as ensuring your children’s education is secure, and compare insurer’s plans.
Need help? Our highly experienced, knowledgeable team at Dimora Mortgages can guide you.
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