How I own my own home after being diagnosed with MS
Can you tell me a bit about you and your life?
I am 30 years old, and working as an accountant while living in Northern Ireland.
What's your career and earning history?
I studied something completely unrelated to my accountancy career at University, and after coming out into the workplace, I decided to completely switch my profession. I took a role in finance with a global company, and pursued my professional qualification - which was 16 exams over four years! I had finished my exams and was fully qualified by the age of 27.
Was it worth it? Well, about a year later, things took a turn...
What happened?
My partner and I got married when I was 28, and almost immediately upon arriving back from our honeymoon I started experiencing some strange symptoms. Within the next few months they were getting progressively worse, and I'll spare the medical details but I was subsequently diagnosed with multiple sclerosis.
Can you tell readers a bit more about MS?
This illness is the number one cause of disability in young adults, and is diagnosed (typically) between the ages of 20-40. Multiple sclerosis is also deemed as a ‘critical illness’, which is the main point of sharing this story!
What happened with the critical illness cover?
Back when I was 25 I’d bought a house with my - then boyfriend - now husband. At the time of purchase, we were also sold both life insurance and critical illness cover by our mortgage advisor. I suppose I thought ‘that's something someone needs when they are in their 50s, 60s’ etc, and I never thought twice about it - until my diagnosis.
What is critical illness cover?
Critical illness insurance provides a lump sum payment if you are diagnosed with specified serious illnesses or disabilities. These typically include long-term, severe conditions like heart attacks, strokes, amputations, or diseases such as cancer, multiple sclerosis, and Parkinson’s disease.
- How can you use the money?
The payout can be used at your discretion, whether it's for covering everyday expenses, paying off your mortgage, or handling medical bills. There are no restrictions on how you choose to spend the money.
- Important Note
If you have a pre-existing medical condition, make sure to find an insurer willing to cover it, but expect higher premiums. Critical illness insurance also differs from income protection insurance. The latter typically covers a broader range of illnesses and conditions and may provide longer-term financial support if you're unable to work. However, it generally comes with higher premiums than critical illness insurance.
How much was the cover?
My husband and I paid £38 per month in total, which covered insurance for the both of us. The insured amount was for the total value of our mortgage. After my official diagnosis, I made a successful claim and ended up being paid £151,000.
What did you use it for and how did it feel?
We used it to pay off our mortgage and consequently we now live mortgage free. I have mixed emotions about the whole situation. In some ways I feel guilty - particularly around my friends - and I keep up with changes in mortgage rates so I can engage in conversation with others. But it feels weird that they are none the wiser to the fact that I own my home outright at the age of 30.
What does the future hold - any plans, worries or hopes?
I am no longer eligible for any critical illness cover (understandably!). However, after my previous insurance policy came to an end, I managed to get set up another policy for life insurance cover. I consider it is something valuable to leave for my husband if anything were to happen to me.
Do you have any advice for others?
Unfortunately, illness and disability can happen at any age. Protect yourself and your future by ensuring you have the right insurance in place to help with something unforeseen. This can truly be life changing (in a positive way), and it certainly was for me!