Critical Illness has paid - what next?

Middy123

Hi

First post so please go gently :rotfl:

I have had a critical illness and we have made a claim on the CI policy.

I'm glad to say that HSBC have been fantastic and paid within 1 month of the claim being submitted and it wasn't too stressful (as these things go!).

We've got lots of questions now and thought here would be a great place to probably get some perspective.

The amount paid will obviously cover the mortgage amount thus freeing up the monthly premium. A colleague has said it is a good idea to keep a nominal amount on the mortgage - say £2k - to keep the mortgage account going and therefore if we wanted to borrow against it in the future it would be easier than starting the ball rolling again.

Lots of other ideas and questions keep popping into our head so as I think of them I'll pop back if that's ok

Thanks
Linda

regularsaver1

Some policy's state that you do not have to repay the claim balance of the mortgage, should you be able to to work/still pay monthly payments. - so in effect some could go into savings.

Your colleague is right, as once you are mortgage free it is a lot harder to borrow and you would need solicitor/valuation, whereas a small balance usually would cut this all out.

Hope everything works out for you.