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Critical Illness Insurance provides a lump sum payment when a major health event occurs, such as certain types of cancer, heart attack, or stroke. It serves as a financial safety net if you become ill with any of the diseases specified in the policy. It’s important to note that not all serious illnesses are covered in every policy, so you should refer to your policy terms for more details.
If the critical illness is explicitly mentioned in the policy, the insured individual receives the lump sum payout regardless of their ability to continue working or return to work.
Once the lump sum is received, the claimant has complete freedom in deciding how to use it. Some choose to utilise the money to pay off their mortgage, while others may opt to use funds towards covering medical expenses, or make necessary modifications to their home.
Unfortunately, if you get sick, it can cause financial difficulties, especially if you have a mortgage, children or large credit commitments.
If you are looking into protection advice in Manchester, it is always recommended to speak with a qualified mortgage and protection specialist prior to taking any form of cover.
You are more likely to claim on Critical Illness Cover than you would be with Life Insurance, so this can be more costly. Your protection and mortgage advisor in Manchester will help you find the most favourable deal.
Sometimes a claim may be denied due to the claimant not disclosing certain health conditions at the time of application. This does not apply to conditions you were unaware of, or were not present at the time of application.
The lump sum is paid out providing the condition is mentioned in the policy. This applies even if they have or are able to return to work.
What the claimant does with the lump sum, is entirely up to them. As a trusted mortgage broker in Manchester, we see many use the money to repay their mortgage, pay for medical care or make any developments to their home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.
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When you consult with a dedicated protection advisor in Manchester, you can discuss the relevant insurances you may consider or receive recommendations tailored to your needs. A member of our team will gather initial information by discussing your health background with you.
We will build a tailored plan surrounding your current personal and financial circumstances, meeting your available monthly budget. Our team can search the market to find the most suitable insurance product, to protect you and your family.
Once we have found the appropriate product for you and you are happy to proceed, we will submit your application to the provider.
From time to time, the policy provider may come back to us for further information, before they will look at accepting the application.
If you have taken out your mortgage with us, we will contact you again when it’s time to remortgage. During this process, we will also review any existing policies you have in place.
We understand that circumstances can change, and the policies you initially took out when you started your mortgage may no longer be the best fit for you at the time of remortgaging.
We provide expert mortgage advice in Manchester, to all our customers are offered a free insurance review which involves speaking to one of our mortgage and protection insurance in Manchester, who will assess your suitability as well as look into existing policies in place. Remember, insurance could be very beneficial for your future.
Our qualified mortgage and protection advisors in Manchester, provide a tailored service that can help you find the most suitable cover for you and your circumstances. Furthermore, we understand that affordability is key, which is why we find the type of cover that is fitting for your family’s priorities and budget.
Take a look at our fantastic reviews by heading over to our reviews page. You may find that someone has been in a similar situation to you before and we have been able to help.
To see how our service has positively impacted others, visit our reviews page. There, you may find individuals who have encountered circumstances similar to yours and have benefited from our service.
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Manchestermoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Manchestermoneyman 2025.
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Manchestermoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Manchestermoneyman 2025.
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