Life/Critical Illness Cover

Whilst it is a legal requirement as per your mortgage terms and conditions for you to insure your property, sadly there is no regulatory requirements for clients to protect themselves. We at Mortgage Solutions believe budgeting for a suitable insurance policy to coincide with the mortgage payments is something any sensible applicant should be seriously considering.

If you are a single applicant, your ability to work, earn and be in a financial position to pay your mortgage, bills and sustenance can be linked to your health. If you were seriously injured or were struck down with a critical illness and were unable to work for a prolonged period of time, who could you turn to financially to assist you? Parents? Siblings?

Whilst they would like to help you, the reality is in most cases they may not be in a position to do so financially, especially if that period of support extended beyond a couple of months.

Similarly, for a joint application, you might have obtained a joint mortgage using joint income. What happens to your ability to pay that mortgage if one party cannot continue earning due to poor health or a debilitating long-term injury? Or even death?

They say health is the most important thing in life, and having money cannot always solve every problem, but having a financial safety net in place can either take money worries off your plate to allow you to focus on getting better or does not financially ruin a partner left behind in the event of a premature death.

There are a range of products available and each recommendation is bespoke and can be tailored to complement any employee benefits the applicant may already have in place.

Matthew can be contacted on
020 8550 8361
matt@wheremoneymakessense.com

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