Mortgage with Critical Illness

katypetal

Hi

I haven't been on here a while but I really need some advice!

Last week I was diagnosed with Breast Cancer, although I will receive sick pay from the company I work for for so many weeks I know it will eventually go to SSP, which will mean I will struggle with mortgage repayments. A friend told me if I have been diagnosed with a critical illness some mortgage companies will pay off the mortgage????

Im not sure if this is true but wanted to look into it. I don't think I have life assurance with the mortgage either which I think I did when I first took it out around 8 years ago.

Any advice would be greatly appreciated x

~Beanie~

I don't think that they will, you would have needed to take out some form of insurance covering critical illness, sorry.

Gra76

My critical illness policy was entirely seperate to my mortgage. I'd be surprised if there were one 'tagged on' to your mortgage which you didn't know about.

You'll have had to sit down and go through dozens of questions relating to the policy before it was set up so you'd probably remember it if you had. I remember it well as it took quite a while to go through it all.

If you're in any doubt you should call the mortgage provider and ask if your mortgage has critical illness cover, but I suspect it won't.

All the best with the cancer treatment by the way.

ACG

You need to have been paying for Critical Illness insurance, the insurance company will pay out however much you are covered for, this can then be used to pay the mortgage or anything else you wish - it doest have to be used for the mortgage.

Have a look see if you have:
Critical Illness cover
Income Protection/Permanent Health Insurance
Accident and Sickness cover
MPPI
ASU
or even PPI

Any of these may help your finances.