Decreasing Term Assurance with Critical Illness

Repay a Capital Repayment Loan or mortgage on Death or Critical Illness

This is decreasing critical illness cover with life insurance. The amount of cover reduces gradually during the term of the plan to match the amount outstanding on the mortgage at any one time. In the event of your death or diagnosis with one of the covered critical illnesses a lump sum would be paid out to enable you to clear your mortgage. This means you don’t have to worry about meeting mortgage repayments at a time when you are suffering serious ill health.

This is tailored life and critical illness cover for a mortgage.

Adding critical illness cover to a mortgage protection life assurance policy is the most common way critical illness cover is bought to protect a repayment mortgage.

Once the plan has paid out it finishes and there are no further payments. So, if a payment is made under the critical illness cover you need to remember that the life cover finishes.

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