Mortgage Advice: Which Life Insurance & Critical Illness Cover?

How best to protect your Mortgage?

At The Mortgage Clinic when we provide mortgage advice to homebuyers we also provide expert insurance advice to protect the mortgage and family. Although it is unpleasant, it is important for homeowners and indeed for all of us to consider how they would cope financially in an emergency.

Life Insurance QuoteIt is vitally important that when you are spending money on Life Insurance & Critical Illness Insurance that your choice of policy is carefully considered. It needs to cover the things you are concerned about, and the illnesses that you think you are likely to develop!

Independent Financial Advisers, Mortgage Advisers, and Mortgage Brokers compare all of the life insurance and critical Illness policies on the market today in terms of the cost, the benefits that they provide, the illnesses that they cover, and how severe you need to have these illnesses before you are able to claim successfully.

Contact us today and we will assist with this comparison analysis whilst delivering expert mortgage advice.

Comparison Sites Do Not Tell the Full Story…

The Cheapest polices offer you the least protection and the lowest chance of being able to claim successfully!

While Comparison sites on the internet can produce quotations for Life and Critical Illness insurance there is no substitute for a careful analysis and review of your individual circumstances and requirements.

Here are some issues with using price comparision sites…

  • Life and Critical Illness Insurance quoteOnly costs are compared NOT quality
  • They give the impression that all policies are the same
  • Differences between insurance policies are not explained
  • Benefits of the policies are not explained
  • Illnesses covered are not explained
  • Customers do not get assistance when making claims

Tips when considering Critical Illness Insurance

  • Policies available offer coverage of 3 critical illnesses right up to 170 (obviously more illnesses covered the better)
  • Policies offering early stage cancer cover are much better considering we have a 50% change of developing cancer according to Cancer Research Uk.
  • Study the illness definitions. The cheaper policies offering coverage with stage 3 or 4 cancer diagnosis for example mean that you have to be very ill to make a successful claim
  • Established Insurance companies publish their claims history and statistics, showing what % of claims are successful. Cheap policies do not offer this meaning no history or reputation of paying claims.
  • Guaranteed premiums option is the best option, meaning your premiums dont change over time and you do not have further medical reviews in future years which result in your premium becoming expensive in future years.

What is Critical Illness Cover?

Mortgage AdviceA policy that pays out a lump sum on diagnosis of a serious medical condition, such as heart disease or cancer.

Why do you need it?

According to Cancer Research UK, every 2 minutes someone is diagnosed with cancer and we have a 50% chance of being diagnosed with cancer during our lifetime. Also, in the UK every 5 minutes someone suffers a stroke and 25% of victims are under 65. It is surprising, with statistics like these, that more people actually have pet insurance than a critical illness policy.

Contact us today and we will assist with this comparison analysis whilst delivering expert mortgage advice.