How Critical Illness Cover provides Valuable Protection on a Mortgage

In 2011 Manchester Mortgages arranged a remortgage for our clients Samuel & Alison who lived in Bury with Virgin Money on a repayment basis over twenty years.

At the time of arranging the mortgage the clients were also advised to take our Life Assurance and Critical Illness cover. Due to our clients age it was advised that the policies should be arranged on a level basis as separate policies over a term of twenty years. The same term of the new remortgage.

This was done, as the cost to do this was an additional £2.35 per month but what it meant was that if either was unfortunate enough to have to claim then the others cover would remain unaffected. Everything went well with our clients careers both gaining substantial promotions and they also had twin girls in 2015 to make their family complete.

Then after a routine check it was discovered that Samuel had prostate cancer. The whole family was devastated.

Samuel under went treatment at his local hospital and eventually was given the all clear with regular check ups. After the initial shock Alison contacted Manchester Mortgages who were able to assist with the completing the claim form which were submitted to the insurer (Aviva).

The claim was accepted and the sum assured was paid out in full ensuring that outstanding mortgage could be repaid. Because the policies were arranged on a level basis and the mortgage with Virgin Money was on a repayment basis and had reduced significantly due to the overpayments that Samuel & Alison had made when the were both fit and well. There was a significant sum over and above the outstanding mortgage which could be used to help the family with Samuel’s recovery.

Also as the policies had been arranged as separate policies Alison’s cover remained in place. By having this cover it meant that both Samuel, Alison and the family were not under financial pressure at a difficult time in their life.

Manchester Mortgages are experts in arranging Mortgages for our clients we are also experts in advising on protection of the mortgage. Call us on 0161 706 0242 and speak to one of our industry experienced advisers to discuss either your mortgage or protection requirements.