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What Does The Mortgage Cover For Critical Illnesses Include?

Looking into taking out a mortgage life insurance policy and discovered there is also one for critical illnesses? Wondering which one would be better for you and what the critical illness policy covers you for?

Life insurance cover is designed to pay out money that will repay the loan when a mortgage policy holder dies, but what is the purpose of critical illness cover? Critical illness cover can pay out money if the policy holder suffers serious injuries or illnesses that prevent them from being able to afford the repayments during a policy term. Each critical illness policy will have its own set of named conditions that are covered within the policy you want to take out.

What injuries and illnesses are covered by these policies?

Normally, up to 35 conditions are covered in a standard critical illness policy. Every policy covers heart attack, cancer or strokes. Other commonly covered illnesses are brain tumours, blindness, deafness, dementia, kidney failure, M.S., paralysis, third degree burns and loss of limbs. The illnesses covered will vary between policy providers, so it is worth asking the provider you are thinking of taking out the critical illness policy with to make sure what is actually covered.

Is it possible to combine critical illness and life insurance?

Policies that includes both life insurance and critical illness coverage are possible. You could also take out a stand alone policy just for critical illness if you prefer. There is normally very little difference between the cost of combined coverage and the cost of just one type of mortgage cover.

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