If you find yourself diagnosed with a serious or critical illness or you suffer an injury from a serious accident, critical or serious illness policies can help to protect you from the financial impact it could have on you and your family.
They will provide a lump sum in a one-off payment or regular income, and you can use this however you like, for example, to put towards your mortgage.
Many insurers will also offer children’s critical illness cover at no extra cost. This would help pay for medical costs if you and your partner were to take unemployed leave to be with your child. The child will usually be covered for the conditions covered under the primary policy holder’s policy. The sum that will be paid out is typically a percentage of the overall cover, but generally 50% of the sum insured up to a maximum of £20,000 – £25,000 depending on the insurer.
At New Mortgage Solutions we can help you to find the right policy for you and your family should you decide that you need it.