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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The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Think carefully before securing debt against your home. Your home may be repossessed if you do not keep up payments on your mortgage or any other loans secured on it.
CoG Financial is registered with the Data Protection Act 1998 registration No. ZB538567 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 1000627 is an authorised representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 786245 and registered with the Data Protection Act 1998 Registration No: ZA178200.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
COG Financial Limited registered in England and Wales. Company number: 14711447. Registered office address: Sovereign House 37 Middle Road, Park Gate, Southampton, England, SO31 7GH