Life & Critical Illness Insurance

Life and critical illness insurance (or life & critical illness assurance using the correct term) ensures that you are covered in the event of critical illness or death to meet the repayments of your mortgage. Here at Stuart Brown Mortgage Services, our life cover brokers can provide you with guidance on finding relevant life insurance and mortgage life cover as well as serious illness cover (or critical illness cover).

Life Cover

This helps ensure your dependents have enough money to repay the mortgage in full if you were to die. There are various different types of life cover to meet different circumstances and budgets. Our advisors are dedicated to helping you to find the best life insurance cover, providing quick quotes.

Additional cover should be considered so that partners could continue to cover bills and other expenses should the worst happen.

Cover can, for example, be arranged on a ‘level’ or ‘decreasing’ basis. It can also be arranged so the cover ‘indexes’ or goes up each year to allow it to retain the same buying power.

Life Assurance policies often also include ‘terminal illness’ cover. This means that the policy would pay out earlier if you are diagnosed with a terminal illness.

Critical Illness

Have a think about this…

If you were diagnosed with a critical illness tomorrow, what impact would that have on you, your home, your finances, and your family?

What would your priorities be?

Of course, your first priority would be surviving the critical illness and recovering.

But what about paying the monthly bills? These will not stop even if you are critically ill!

You would want to concentrate on getting better and not have to worry about the next bill arriving. If you could not afford these bills, would you be able to move back home with your parents? Could they pay for your bills whilst you recover? If not, would you lose your home?

The risk of critical illness is statistically far higher than you prematurely dying, so how can Critical Illness insurance or serious illness cover help?

Having Critical Illness Cover in place can help make dealing with these potential consequences a lot easier. It can help give you the added peace of mind that if you were diagnosed with a specified critical illness during the length of the policy, it could pay out a tax-free lump sum or monthly benefit (depending on the plan you choose). Critical insurance cover could be used to help towards paying your bills and other expenses, leaving you to concentrate on getting better. A payout could also be used to supplement income or help pay for medical treatment or adapting the home you live in too.

Can it be combined as life and critical illness insurance?

Yes, it can, this can help with the overall cost and is something we will cover with you fully. We will also discuss whether it is better to take it separately or as joint cover and if the amount of cover should be different for each party too.

Just some of the critical illnesses that are covered include:

• Cancer
• Heart Attack
• Stroke
• Multiple sclerosis
• Paralysis
• Loss of Hands or Feet
• Third Degree Burns
• Loss of Sight/Hearing/Speech
• Brain Tumour
• Coma
• Kidney Failure
• Liver Failure
• and many more…we will be happy to advise you about these.

It is important for you to carefully consider this type of cover given that the average age of a claimant is currently in the early to mid-’40s and the longer it is left before taking serious illness cover then the far more expensive it becomes. If taken early enough then cover can be priced quite low, leaving too late can make it a lot less affordable and the ability to obtain cover may be limited by health etc too.

Cover can be arranged whether or not you have a mortgage, for instance, you may want to take some cover out purely to provide your family with some protection should the worst happen to you.

Please do not forget that we are ‘whole of market’ insurance advisors so consider options from many companies when sourcing suitable cover for you, and at a competitive price as possible.

Please call us so that we can discuss relevant life insurance, mortgage life cover, or life and critical illness insurance further on either Herts: 01442 252 040 or Beds & Bucks: 01525 877 650 or Mobile: 07710 770 969. You can also email us at advice@sbms-online.co.uk

We will always try to make sure you have the best life insurance cover after assessing your priorities, any existing cover and your budget too.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.

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