Mortgage Life Insurance cover with Critical Illness

Tailored Life and Critical Illness Cover for Your Mortgage

You can include critical illness cover with your mortgage life insurance policy. Adding critical illness cover to your plan means that in the event of your death or being diagnosed with one of the covered critical illnesses cash is paid out to enable the mortgage to be repaid so you don’t have to worry about meeting mortgage repayments at a time when you are suffering serious ill health. The type of term assurance that you need depends on the type of mortgage that you have and your personal circumstances.

For a repayment mortgage, where the amount owed to the lender reduces as monthly repayments are made, a decreasing term assurance policy with critical illness is usually used as the amount of life insurance cover reduces in line with the mortgage debt. This means you are never paying for any more life cover than you need to clear the mortgage in full.
For more information on this type of critical illness insurance click here.

For an interest only mortgage, where the amount owed to the lender never reduces as only the interest owed is repaid every month, a level term assurance policy with critical illness is usually used. This means the level of cover remains the same throughout the term of the policy to ensure that there is always enough cover to clear the mortgage in full.
For more information on this type of critical illness insurance click here.

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