Are you paying too much for your critical illness cover simply because of convenience?

An issue for first time buyers and current home owners across the UK, gaining a mortgage is a highly serious move and means that you become committed to paying off a large investment for a number of decades. But what would happen if you experienced a life changing event that meant your ability to commit to paying your mortgage suddenly altered?

What would you do if you developed a critical illness and could no longer provide an income for yourself? Would you be able to risk losing everything you owned, including your family home? The answer to this has to be no and thanks to such insurance policies as critical illness plans, you can prevent the worst from happening if unfortunate enough to develop a critical illness.

We have established that a critical illness policy can assist you, but how? Well quite simply, taking out a cost effective and easily manageable critical illness policy, either on its own or as a condition to a mortgage application has become one of the wisest and most popular ways in which to protect any number of investments, particularly larger ones such as your property’s mortgage, your children’s future and education, family car and many others.

Understanding the possible effectiveness and the benefits surrounding critical illness protection policies where mortgages are concerned, there are many specialist insurers that opted to offer a particular critical illness policy that is mortgage-based. What this means is that you progressively pay less on your premiums as the mortgage amount that you owe decreases year after year. By far this is one of the most favourable solutions available.

Indications show that mortgage lenders are far more likely to provide mortgages if adequate protection is to be taken out on the mortgage, which is good news for all parties. Knowing this there have been positive improvements made so that many mortgage companies automatically offer critical illness policies to protect the mortgage payments they receive, should the policy holder be diagnosed with a critical illness.

Statistics issued by the Post Office Financial Services back in 2007 showed that an alarming number of first time homebuyers opted to take out a number of different insurance packages through their mortgage lender. The reason for doing so was simply because of the convenience factor, having not the inclination or the patience to go searching for quotes online, hence paying dramatically over the odds in many cases. Many simply didn’t believe that by taking a moment to compare quotes, they could have easily saved large amounts calculated over the course of the year (almost two thirds in some cases).

This is where specialist companies such as Critical Illness Insurance come into play. We are dedicated to providing bespoke critical illness policies that offer you the best benefits at the most competitive prices. Our commitment is to continue providing our clients with the correct level of cover to enable the continuation of a normal as possible life, in the event that you are unable to work due to a critical illness.