When you are pricing your Mortgage Life policy you will normally be asked whether you want either of two optional extras: -
Critical Illness insurance incorporated into a Mortgage Life policy.
This provides you with a capital sum to pay off your repayment mortgage
if you are diagnosed with a critical illness. The sum insured for critical
illness, therefore, decreases over time in line with the mortgage life
cover and the value of your mortgage.
However, please note that if the policy pays out for a critical illness – the policy is finished. It doesn’t pay out again if you die!
This type of decreasing value critical illness cover is less expensive than full Critical Illness (where the sum insured is constant) and for the modern families it is a “must” if you can afford it. Try getting a quote.
Premium Protection
This is an option whereby the insurance company pays the monthly insurance
premiums if you were off work through illness, or became unemployed.
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