Mortgage for my new house: do you have critical illness/life cover

[Bouledeneige]

I am in the process of buying a new house. I am divorced and I'm 56, the mortgage will be in my sole name. I am having to increase my borrowing a bit with the aim of it being paid off in 9.5 years. I have got a quote for critical illness cover and life cover which comes to £170 per month - this is mainly in case I get ill and cannot complete my payments. I don't want to have to sell the house. But without being indelicate or presumptive my father is 91 and when he dies I am likely to inherit a reasonable amount of money - I could even pay off my mortgage entirely. But that will depend on what care costs he might have in the coming years. I have not made any assumptions about this re my borrowing or future prosperity.

I'm a little worried about my job security and if I have to get a new job whether I will be able to match my salary. It seems that in my sector salaries are going down at the moment so I am anxious about having a larger mortgage. So I've been wondering whether I need to pay the critical illness cover. On the other hand its only £170 a month for peace of mind.

Can I ask - do you have this cover?

Most employers have sick pay schemes. Most people are not having to move house if they get ill. It depends on your job and conditions of employment. Self employed is very different and I would take out insurance in that case.

I’ve worked with people who have had brain tumours removed. The insurance company might pay out depending upon treatment and whether it’s successful or not. I truly hope it is.

We had it and at 32 I was diagnosed with MS. Turns out that is covered under critical illness and they paid out without question. I was perfectly fit and healthy until one day I suddenly wasn’t and ended up in hospital!

@MissyB1 sorry to derail but please take your case to the financial ombudsman if you haven't already!

@StylishMummy thanks you are right. We need to do this we’ve just felt so overwhelmed and beaten down by it all. This year we need to try again and go to the ombudsman.

@MissyB1 if you've complained, you have six months from the date of the final response letter to take the complaint to the ombudsmen - if you miss this deadline they're unlikely to be able to consider it. Happy to help via PM if you need it