Critical Illness Insurance is perfect for
Critical Illness Insurance is the perfect type of policy to take out if you wish to cover yourself should your income stop due to you becoming too ill to work. Mortgage repayments are usually the biggest monthly expenditure for most people and covering yourself with such a policy can help to alleviate any potential financial problems.
If you suffer from a critical illness, or become permanently and totally disabled, you may not be able to carry on working, either in the short or long term. If you are employed then you may work for a generous employer who will pay you if you are sick, but how long this pay will last for, will be down to the firm. If you are self-employed and you become ill it is highly likely that your income will just stop.
Short Term State Incapacity Benefit only pays out at £57.65 each week, for a single person, and there is no help towards mortgage payments for the first 9 months if your mortgage completed after 1st October 1995. After 9 months, if your mortgage lender has not repossessed your home, the State will contribute towards the interest on your mortgage but only based upon a standard interest rate, and only then on the first £100,000 of a mortgage.
The vast majority of people may not be able to cope on this level of payout and the stress caused may actually affect the healing process, something that you would not want on top of the illness itself.
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