Life & Critical Illness

Ensuring the repayment of your Mortgage if the worst happens

Life and Critical Illness insurance is a key part in planning for the future and the future of any dependents.

A house is one of the largest financial commitments many of us make and it can be at risk in the event of not continuing to make mortgage payments. Ensuring that it is protected in the event of your death or serious illness is therefore an important consideration for many.

Protection or Life Assurance policies pay out a lump sum in the event of the death of the mortgage holder so that a spouse or dependents can repay the outstanding debt and are not faced with having to sell the property at a difficult time.

The plan will have no cash in value at any time and will cease at the end of the term.  If premiums are not maintained, then cover will lapse.

Critical Illness policies are designed to provide protection in the event of the life assured being diagnosed with a critical illness. They can pay out a lump sum or a regular income which can be used to repay the outstanding debt or make the mortgage payments.  Some clients even use the money to modify the property due to a disability or pay for specialist treatment in America or Germany for example.  The family are therefore able to concentrate on treatment and spending time with loved ones rather than worrying about the financial implications of not meeting their obligations.

The plan may not cover all the definitions of a critical illness.  For definition please refer to the key features and policy document.

More Help and Advice

For help and advice about suitable life or critical illness protection contact the team on 01179 070 818