Protecting your Mortgage Liability if you are diagnosed with a Critical Illness

If YOU are diagnosed with a major CRITICAL illness hence focusing on your treatment, unable work, don’t have any INCOME, your savings is depleted, and your medical insurance too will get over in a couple of months. You are already going thru a painful situation and making a lot of compromises & sacrifices.

Hence if you are UNABLE to PAY your HOME LOAN what are the implications

In the UAE, the inability to pay mortgage loan EMIs due to a diagnosis of a critical illness can have significant financial and legal consequences. Here are some key impacts: 

1. Loan Default: If you're unable to pay your mortgage EMI, it can lead to default on your loan. This can result in penalties, additional interest charges, and damage to your credit score, making it harder to obtain credit in the future.
2. Risk of Foreclosure: Continued non-payment could lead to foreclosure, where the bank takes legal action to seize and sell your property to recover the outstanding loan amount. This can lead to the loss of your home and any equity you've built up in it.
3. Stress and Financial Burden: The financial strain of both managing medical expenses and dealing with loan repayments can add significant stress. This could impact not only your health recovery but also your family's financial stability.
4. Legal Consequences: In severe cases, legal action may be taken against you to recover the debt. This can include wage garnishment or other legal measures, further complicating your financial situation.

What’s the solution:

An independent CRITICAL ILLNESS insurance policy that PAYS YOU the LIFE INSURED ONLY as a LIVING BENEFIT which enables you to PAY off the EMI's