Cancer and a mortgage?
WHAT WOULD YOU DO?
Hurrah! Thanks for that. Someone will be in touch very soon. In the meantime, feel free to read more about our Family Protection Insurance.
The policeman’s knock
If you, or your other half were diagnosed with cancer, or if you were sitting at home having tea with your children and a policeman knocked on the door to tell you that your spouse had died in a car crash, what would you do? The emotional shock would be terrible.
But how would your family cope financially? Would you be able to pay the mortgage or the rent, or all the other bills? If the answer is – actually, the money would be fine – you don’t need us.
Mortgage paid off but she still had to sell
The first priority is for your family to keep your home if you are diagnosed with cancer or your spouse is killed on the way home from work. Your death and disease adviser will help you with this. However we have found that even if a family has their mortgage paid off because of a sudden death, they still end up downsizing to a smaller house or a less desirable area within 2 years, because they need to release the capital to help with their other bills.
Your death and disease adviser can show you some options to pay all your other bills, for say 2 or 3 years, until the children have left home, or until you draw your pension.
This would give you and your family some financial breathing space to come to terms with what has happened and come up with a plan.
The phone call from the park
Here at death and disease, we never forget being phoned up by one of our customers who was in a park with his children. We had helped his family take out some cover to pay off their mortgage, and pay their bills for a year if something happened to him or his wife. Tragically, his wife died of an aggressive form of breast cancer 18 months after the cover was taken out. He phoned us from the park to say he’d taken a year off work to be with his children, so that together they could come to terms with the loss of mummy. It was a very emotional phone call for the dad and for the adviser, but we felt very proud that we had helped the family be so wise before the event, before tragedy struck.