For most of us, our mortgage repayments are likely to be our biggest monthly outgoings and, unfortunately, the need to pay it doesn’t end if you are unable to work.
The records of mortgage providers and insurance companies show that many thousands of mortgages are not fully protected with life assurance and critical illness cover.
As you know, your home is at risk if you cannot keep up repayments and because of this, it is vital to protect your property and family should the worse happen.
Macmillan Cancer Support recently conducted some research that reveals some alarming statistics about our chances in Britain of contracting cancer.
Macmillan’s projections show that by 2020 almost half of us (47 per cent) will get cancer. However, the good news is the chances of survival are also improving and nearly four out of ten (38 per cent) of those who get cancer will survive it. Twenty years ago the survival rate was only one in five (21 per cent).
This improvement reflects advancements in early diagnosis, cancer treatments and cancer care.
Serious illness can bring with it financial problems as many future sufferers will face long periods when they are unable to work.
This may be temporary or permanent. To protect your home and your family you should consider critical illness cover which pays a lump sum on diagnosis of many recognised critical illnesses or life assurance, although this only pays out on death.
This means critical illness has a key role to play in protecting you and your mortgage. If you should suffer a critical illness, being able to repay your mortgage in full will rid you of, probably, your largest monthly financial commitment.
Removing this financial worry will leave you to concentrate on your recovery. There are many extremely cost effective options available to you so get in touch to discuss the best solutions for your personal circumstances.