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A Guide to Critical Illness Cover in Peterborough

Although it’s not a popular topic of conversation, illness can strike you or your family at any time and there will be no pre-warning as to how severe this illness might be, so Critical Illness Cover is a topic that is in urgent need of being addressed.

Fair enough, the common cold or the odd toothache doesn’t ever give you reason enough to consider a critical illness policy, but why should you wait for a serious illness to present itself, why not strike first?

First and foremost it is crucial to bear in mind that critical illness cover and life cover are not the same type of insurance policy. A life cover policy will protect your family if you die but is of no use to you if you fall ill with a critical illness. Critical illness cover is there to assist you if you lose any of your income or if you are forced to resign from your employment.

The second most important thing to consider is that each and every lender/insurance provider will have different criteria for what constitutes a ‘critical’ illness. While to most, it is considered any illness that is life-threatening, to the policy providers the line is less clear which makes it essential that your market research is completely thorough. The illnesses that they do cover will usually include Alzheimer’s disease, cancer, heart attacks, stroke and specific organ transplants. There will be a specific payout for each illness and this will vary between policies, which only furthers the need to carry out proper research.

It is a common misconception that critical illness cover is only for those who have people that are dependent on them, however critical illness cover can be just as crucial for those who have a mortgage and therefore rely on their income to pay their mortgage loan.

 

A Starting Point for Critical Illness Cover in Peterborough

If you are considering critical illness cover in Peterborough, then you should also think about the following:

  • How long you want your policy to last – to the point where your mortgage ends or perhaps when your children move out.The size of the payout – dependent on how much you pay-in.
  • Your medical history as this will affect your policy – it is advisable to provide as much information as you can.
  • Are self-inflicted illnesses covered?
  • Can your policy be fixed or is it changeable?
  • Is there a cooling-off period?
  • Can children be included?

After reading the above you may feel a bit daunted as it’s easy to see that critical illness cover isn’t something you can just dive in to. The research you conduct needs to be thorough and broad so that you and your dependants are properly covered. The Mortgage Broker Protection Ltd are here and waiting to help you with this search. Their advisors have a vast knowledge of not only mortgage products but insurance too, so if you have any queries or just want some help shopping around, then give them a call and they’ll be more than happy to help you. Some people will describe attaining their critical illness cover as an ordeal, they didn’t use The Mortgage Broker Protection Ltd.

Your home may be repossessed if you do not keep up repayments on your mortgage

Upon application a fee of up to £495 will be payable (typically £195)

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