London Office

Bloomsbury Way, London, WC1A 2SL

Sheffield Office,

Carver St, Sheffield, S1 4FS
Welcome to Pad Financial, specialist whole of market mortgage broker
20th July 2018

London Office

Bloomsbury Way, London, WC1A 2SL

Sheffield Office,

Carver St, Sheffield, S1 4FS

Protection

When you are fit and healthy, you do not worry about not being able to work and pay the bills. But getting a critical illness could change that very quickly.

Illness is indiscriminate and it can happen to anyone, at any time.  While the likelihood is that many of us will enjoy a life stretching well into our retirement, 1 in 16 workers will die during their working lifetime and the odds of getting a critical illness is a lot higher at 1 in 5.1. Of course we do not like to think about getting ill, but it does happen and although you cannot prepare emotionally for the effect it will have on you and your loved ones, you can make sure you are financially prepared.  If you were critically ill you would still need to pay the bills, pay for food and provide for your loved ones. Your employer might pay you for a few months and after that there could be statutory sick pay, but this is likely to be a lot less than you are used to living on. Taking out even a small amount of Critical Illness Cover will ensure that at the very least, your mortgage payments are covered, which helps to secure the home you will have worked so hard for.  Life or Critical Illness Cover pays out when you are diagnosed with a critical illness, become terminally ill or die, whichever happens first.  If you die, your partner or family may be able to pay off any debts you have and even some or all of your mortgage.  If you become critically ill, you can focus on getting better, not on worrying about paying the mortgage with potentially reduced income.

Taking out even a little Critical Illness Cover could give you the breathing space you need to get back on your feet.  It might even pay off some unsecured debt, or make a healthy dent in your mortgage, or pay for treatment not available on the NHS.

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