Critical Illness Cover can help ease the financial crisis faced when diagnosed with illness. Cancer definitions are some of the many illnesses that a typical policy would cover. Similar to Life Assurance, this type of policy pays out a tax free lump sum on diagnosis of a critical illness listed on your policy.
Who should have Critical Illness Cover?
Mortgage Advice Centre recommends everyone with a mortgage should have Critical Illness Cover to protect the mortgage, whether you are single or even more importantly if you have a family that depends on you. We have access to a panel of some of the leading UK Critical Illness insurance providers.
Call or contact us today to make sure that you have the right cover for your mortgage.
What is Life Insurance Written in to Trust?
Most critical Illness policies also have free life insurance included at the same level of cover. It’s a sad fact that most people with life assurance in the UK do not have their policies written into trust.
Having your policy in trust ensures that the benefit is paid out exactly according to the wishes of the deceased. Furthermore, as a policy written in trust falls outside of the legal estate for tax purposes, it is not factored into the calculation of inheritance tax payable and lengthy probate does not need to be granted before the life company can pay out. This means that your surviving spouse or children can quickly receive the much needed financial assistance in the event of death.
Mortgage Advice Centre believes every life policy for a single individual should be written into trust. It’s part of the the service that we offer and ensures you are getting the right advice.
*For insurance business we offer advice on products from a choice of insurers
Trust Services Promoted here are not part of the Openwork offering and are offered in our own right. Openwork Limited accept no responsibility for this aspect of our business.