Could you afford to repay your mortgage if you became seriously ill?

IF THERE’S ONE thing we know, it’s that life is full of surprises. If you are of work as a result of a serious illness, critical illness cover enables you to pay of your mortgage, or gives you a valuable cash boost at a time when you need it most.

It provides you and your loved ones with financial support should the unexpected happen. As we’ve seen from the coronavirus (COVID-19) pandemic, any of us can become ill at any age. Critical illness cover can help to minimize the financial impact on you and your loved ones. For example, if you needed to give up work to recover or if you passed away during the length of the policy, the money could be used to help fund the mortgage or rent, everyday bills or even simple things like the weekly food shop – giving you and/or your family some peace of mind when you need it most.

OVER 1.4 MILLION PEOPLE ARE ALIVE IN THE UK TODAY AFTER SURVIVING A HEART ATTACK.

1 IN 2 PEOPLE WILL DEVELOP SOME FORM OF CANCER DURING THEIR LIFETIME. THERE ARE AROUND 367,000 NEW CANCER CASES IN THE UK EVERY YEAR – THAT'S AROUND 1,000 EVERY DAY.

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SURVIVING FINANCIAL HARDSHIP

After surviving a critical illness, you may not be able to return to work straight away (or ever), or you may need home modifications or private therapeutic care. It is sad to contemplate a situation where someone survives a serious illness but fails to survive the ensuing financial hardship. Preparing for the worst is not something we want to think about when feeling ft and healthy, but you never know what life is going to throw at you next. Critical illness cover protects you against a wide range of specified serious conditions. If you become ill, you’ll receive a tax-free lump sum on diagnosis which can be put towards whatever you choose.

REPAY YOUR OUTSTANDING MORTGAGE LOAN

Some people choose to use the proceeds to fully repay their outstanding mortgage, others use it to supplement their loss of income or to cover medical bills, or to upgrade their home. If you decide that you need critical illness cover, you should consider your personal circumstances, how much you can afford to pay in premiums each month and how long you’re prepared to pay for it. A more comprehensive policy will cover many more serious conditions, including loss of sight, permanent loss of hearing and a total and permanent disability that stops you from working. Some policies also provide cover against the loss of limbs. But not all conditions are necessarily covered, which is why you should always obtain professional financial advice.

MUCH-NEEDED FINANCIAL SUPPORT

None of us know when we might become critically ill, so by taking out critical illness cover, you’re paying for the peace of mind of knowing that should the worst happen, you’ll be covered. Even if you are single with no dependants, critical illness cover can be used to pay of your mortgage, which means that you would have fewer bills or a lump sum to use if you became very unwell. And if you are part of a couple, it can provide much-needed financial support at a time of emotional stress.

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>> DON’T LEAVE IT TO CHANCE, CONTACT US TODAY <<

Whether or not you need critical illness cover depends entirely on your individual circumstances. If you would like to discuss your requirements, contact us – UK +44 (0) 203 883 1017 Hong Kong +852 6017 4140 – email info@cedar-crest.co.uk

Your home may be repossessed if you do not keep up repayments on your mortgage.