The cost of serious illness doubles between the age of 30 and 40
25 July 2018
Many first time buyers do not take out serious illness cover when signing up for a mortgage. Mortgage protection policies can be arranged to include serious illness cover, so that the mortgage is cleared in full in the event of a claim under the policy. Most first time buyers, in their early thirties, may consider the possibility of serious illness as remote and are reluctant to add this cover to their protection policy.
In general, providing it is reasonably affordable, we recommend taking out this form of cover.
The main reasons are:
- A serious illness can have a devastating effect on one's life and one's ability to maintain current earnings
- If the mortgage repayments are unaffordable due to impact of the illness on income, it may be necessary to sell the property
- Serious illness cover is best purchased at as young an age as possible, because the cost doubles between the age of 30 and 40 and the chances are that if it is not taken out when buying a home, no cover will ever be put in place!
For more information call our Life insurance team on 01 8327250 or for a quote please click Serious illness quote