Critical Illness Insurance

What is a commercial mortgage?

A commercial mortgage is a loan granted to an individual, Limited Company or Trading Limited Company to purchase or remortgage a commercial property or a business. 

Your Commercial Property Types  

Commercial property typically refers to any property which contains a trading business but can also include large residential rental properties like blocks of flats, and land that generates an income. With such a broad spectrum of property possibilities, commercial mortgage lenders have varying approaches and appetites for different properties and business types.

At MFB, our specialist commercial team have dealt with almost every commercial property and business type. However, here are some of the sectors we deal with most often:

• Retail (e.g., shops and high street services)
• Large residential (e.g., MUFBs)
• Hotels
• Hospitality (e.g., Pubs and Restaurants)
• Childcare businesses
• Care-homes

How does critical illness cover work?

Once your policy is in place, it covers you for a list of specific illnesses. If you’re diagnosed with one of these conditions during the policy term, you’ll receive a one-off payment to repay your mortgage debt. However, you could also use it to cover private treatment costs or to adapt your home. 

It’s important to check what’s included in your policy, as insurers may cover different conditions. Keep in mind that not all illnesses are covered, and pre-existing conditions may be excluded. Our mortgage and protection experts can help you find a policy that suits your needs and lifestyle.

Who should consider critical illness cover?

While not legally required, critical illness insurance can be a smart financial safety net. If you were suddenly unable to work due to illness, this type of insurance would help you manage your finances. 

Critical illness cover is especially valuable if:

• You have dependents (such as children or a partner who does not work) who rely on your income

• You are the primary child carer, and your partner would have to give up their job to look after the children if you were unable to

• You don’t have enough savings to cover a long-term illness

• You want peace of mind that if you became critically ill and unable to work, you could pay your mortgage and wouldn’t have to sell your home

How much does critical illness insurance cost?

The cost depends on factors like your age, health, lifestyle, and the amount of cover you choose. While it may be more expensive than standard life insurance, the benefits can be life-changing if you ever need to claim.

How do I choose the best critical illness policy?

Choosing the right policy depends on your personal circumstances. Unlike life insurance, which pays out when you pass away, critical illness cover supports you while you're still alive and recovering. Some people combine critical illness cover with life insurance for broader protection, while others prefer a standalone policy.

Our team of experts can help you compare options and find the right fit, so you can feel confident that you’re covered, no matter what life throws your way.