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Could you afford to keep your home if you became critically ill?

Could you afford to keep your home if you became critically ill?

Date: 14 September 2023 | By: cosgrove

For many of us, buying a home is the biggest financial commitment we’ll make in our lifetime but could you afford to keep your home if you became critically ill? Having carefully selected the right mortgage for your current circumstances, we want to make sure you can afford to keep it should the unexpected happen.

Unfortunately, life-changing events happen to people every day. They might be diagnosed with a critical illness like cancer or have an accident that turns their life upside down. If this happened to you, having some extra money in place could make the difference between keeping, and losing your home. It’s a difficult issue to think about but you would be surprised how quickly life can change when you’re dealing with a health setback, and how quickly the savings you’ve worked hard to accumulate can disappear if you’re unable to work.

We can help reduce the risk of losing your home

While there is no insurance that can prevent these things from happening, you can reduce the risk of losing your home with critical illness cover. This type of insurance is designed to provide you with a lump sum if you find yourself unable to work through serious illness. This money could help you maintain your standard of living while you’re ill and help pay the bills while you’re getting back on your feet. It might also help you pay for private medical care, or to see a consultant who specialises in your condition. It could even help to pay for alterations to your home, if that’s what you need. So it's really important to stop and consider if you could you afford to keep your home if you became critically ill?

When Katie received an unexpected cancer diagnosis she didn’t realise her critical illness protection would cover her and her young family.  But thanks to the thought and care of her financial adviser, Katie was able to focus on her recovery and on building a bright future for her children.

Katie’s Story:

There are many extremely practical and cost-effective options that we can discuss. If you already have plans in place, we can assess them and reassure you whether they are still sufficient for your needs (you may be missing out on better quality cover that is now available). So, if you have any questions or concerns about financially protecting you, your family, and your home, please don’t hesitate to contact us.  Until then, please stay safe and stay well.