worried505
New Member
- Messages
- 4
yeah sure i can. Mental health (anxiety) , medicated for this and never missed work or had no hospital stay.Remember that as part of a divorce settlement, your spouse may get a percentage of your pension fund and/or a percentage of your savings.
Before making the decision, are you sure that you wouldn't get Mortgage Protection cover? Some people assume that an illness may preclude them from getting cover at all. Depending on the nature and severity of the illness, they might be wrong in that assumption. Maybe you would get cover, perhaps with an additional premium. But the premium for you for a small mortgage won't be large anyway, so even a loading of +100% won't break the bank. I think this one would be worth getting certainty on first, as it has an impact on your options. Can you give details of the health issues here?
Regards,
Liam
Yes it would be a last resort but at least it's an optionBased on your post, I'd say that you would be able to get life insurance cover with a loading on the premium.
Cashing in the pension at 50 would be very expensive assuming you're still earning your salary at the same time. You'd lose over half of the taxable portion of the pension to tax. I'd leave that one as a last resort only.
Just approach a broker saying you are looking for cover and go through the application process to see what is expected and what conditions might apply.I could get protection maybe but i mean if i didnt , then i could end up paying 2k a month rent and not being able to max my avcs anyway.
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