Critical illness cover from mortgage advisor

bellyeoman

Hi
Advice please
In process of trying to finalise mortgage at 53. Mortgage advisor been great very thorough and helpful. She has asked me if I want CIC using other past client who has as example of why its needed. I will already be paying high repayment as 95%mortgage over 20 Yr at 53. This CIC is 75 a month(life assurance on its own with the mortgage is 18 a month)
I have good job so get 6 month full pay 6 month half pay if off sick. Good pension etc.
My initial thoughts are to just go with life cover and then shop around independently for income protection or cic.
She advised searching and securing this whilst I am still being assessed for mortgage will impact on credit score etc. There has been few issues due to my partner association on my file already

Any helpful advice appreciated

bellyeoman

Sorry I meant she has used examples of previous clients with cancer as reasons why cic is needed

glosoli

Life and Critical illness cover isn't a credit related produxt so it doesn't leave any form of credit search on your file.

ACG

Agree with glosoli - Critical Illness/Life insurance does not affect your credit score as it is not credit.

Critical Illness is expensive, but that is because you are far more likely to claim on it. Personally, I would prefer to have Income Protection (the full product, not the cheap and (not so) cheerful version) over critical illness. Maybe give the broker a budget and ask them to work to it. You might find that you end up with say £30k critical illness, but getting £30k is better than nothing?

Getting it through a broker is the best bet if you are unsure about the policy types and options. The last thing you want when you are in a hospital bed is to be arguing with an insurance company over a technicality.

dunstonh

I prefer to prioritise income protection (permanent health insurance) ahead of critical illness cover. However, I am an IFA. Some mortgage brokers do not have access to an income protection product. If your broker is whole of market in all areas they should. If its an estate agent broker tied to a particular insurer, like L&G, then chances are they do not. (another reason you should not use an estate agent broker from a chain).

bellyeoman

Thanks all where do you recommend looking for income protection and would I have to have in place prior to house sale or is this something I can add after the sale has gone through. A novice in all this sorry

amnblog

I am sure that at 53, your Broker did not need to use examples of previous Clients with Cancer as you will have contemporaries who have direct experience.

The thing here is to make sure you do not lose your home if you are ill and cannot work. If you do not think that is worth £2.50 a day, that is matter for you, but you owe it to yourself to explore all the options with the Broker.

bellyeoman

Amblog.....
Like I asked where can I get best income protection... And can I organise this after sale goes through?