Due to the advances in medicines, treatment and early diagnosis with screening, the diagnosis of an illness and the subsequent treatment can have a bigger impact on a family than death. Income can be lost through not being able to work putting additional strain on the family at what would be the worst time. In addition the costs of some treatments and drugs may also be crucial in recovery and even survival.
Critical Illness cover is a plan designed to provide a tax free lump sum which would be payable on diagnosis of a specified critical illness. Some of the most common claims made for critical illness are cancer, heart attack, stroke, multiple sclerosis. Although most plans will pay out on diagnosis of between 40 and 50 different conditions (depending on severity,) there can be differences in the condition definitions and coverage between providers. The lump sum can then be used to pay off the mortgage or provide funds for treatment or to just support the family at what would be a particularly traumatic time.
There are so many variables when considering this type of cover and we would always ensure we take the time to explore the providers, their coverage (as different providers can cover more/less than others) and also the additional benefits before making a recommendation specific to both your needs and your budget.
We also appreciate that it may be difficult to meet during the day we offer a flexible diary and can also see you at your own home if more convenient.
Mortgage & Protection for Life is a trading style of Paul Carter which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.
There may be a fee for mortgage advice, the amount will depend on your circumstances, a typical fee would be £295.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered.
It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage-
you should think carefully before securing other debts against your home.
There are other ways to manage debt such as free debt advice charities,
you can find out more by contacting the money advice service:
these services may be more suitable for you.
The Financial Conduct Authority does not regulate most buy to let mortgages.
*Paul Carter acts as a credit broker not a lender