Critical illness is most commonly added to a mortgage protection life policy to pay the outstanding mortgage debt on diagnosis of a specified critical illness.
The likelihood of living through a critical illness is increasing as modern medical diagnostic techniques and treatments are constantly improving. A number of the conditions covered by the policy may mean that you become less able bodied which could result in you having to give up work entirely, take a less demanding job with less pay or only be able to work reduced hours due to your incapacity.
If you are diagnosed with a specified critical illness during the policy term then the insurer will pay out the policy amount covered which will enable you to pay off your mortgage debt in full. This can be invaluable as it means you no longer have to make the monthly mortgage payment as you own your property outright. This can reduce the emotional and financial impact from you and your family during a potentially difficult time.
We’re experts in Income Protection, Critical Illness Cover, Life Insurance and Family Income Benefit – and can help you even if you’re deemed a higher risk for insurance.
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