Critical Illness

Should I take it out to cover my mortgage?

Critical Illness Insurance is the perfect type of policy to take out if you wish to cover yourself should your income stop due to you becoming too ill to work. Mortgage repayments are usually the biggest monthly expenditure for most people and covering yourself with such a policy can help to alleviate any potential financial problems.

If you suffer from a critical illness, or become permanently and totally disabled, you may not be able to carry on working, either in the short or long term. If you are employed then you may work for a generous employer who will pay you if you are sick, but how long this pay will last for, will be down to the firm. If you are self-employed and you become ill it is highly likely that your income will just stop.

Short Term State Incapacity Benefit only pays out at £57.65 each week, for a single person, and there is no help towards mortgage payments for the first 9 months if your mortgage completed after 1st October 1995. After 9 months, if your mortgage lender has not repossessed your home, the State will contribute towards the interest on your mortgage but only based upon a standard interest rate, and only then on the first £100,000 of a mortgage.

The vast majority of people may not be able to cope on this level of payout and the stress caused may actually affect the healing process, something that you would not want on top of the illness itself.

Endsleigh Financial Independent Tailoring can advise you on all aspects of critical illness insurance including more details on how to cover your mortgage costs with such a policy.

Our comparison service and advice surrounding critical illness insurance is free (unless you opt to pay a fee for the advice). Our staff are not paid commission on the products they sell but are paid salaries, meaning that they act in a truly independent way when advising you on the products available within the UK's critical illness marketplace. This should help to get you the most appropriate policy for your requirements at the best price.

Comparing critical illness assurance with us means that you will have access to the entire UK critical illness assurance marketplace. All you need to do is complete our online quote form by click on the Get a Quote button above.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.