Can I protect my mortgage payments against Ill-Health?
Critical illness cover is designed to pay out a lump sum in the event of being diagnosed with a serious illness covered under the policy, such as cancer, heart attack, stroke or MS.
More about this policy type
As with the life policy, either a ‘decreasing’ or ‘level policy can be opted for.
Different providers will have varying levels of cover – some may cover an illness that others do not.
Providers can also differ as regards *when* they will pay a policy.
This is a policy whereby the insurer would look to pay out a lump sum, upon diagnosis of a certain illness.
Insurers can differ based on what illnesses they cover, and how much of the cover they would pay out.
Frequently Asked Questions
What are the main illnesses covered?
Cancer, Heart attack, Stroke and Multiple Sclerosis are the main illnesses covered – each provider, however, caters for many more contingencies!
What is the chance of a serious illness being diagnosed?
This would depend on many factors, including age, smoker status, and hereditary factors – many mortgages, though, are due to continue into people’s later lives, and this is where the serious illnesses become more common!
What are the ramifications of not having the cover in place?
Lenders may give some months grace – however, most people would still need to keep paying their mortgage, in the event of a serious illness.
We can help you to understand more about how Critical Illness Cover works and if it’s right for you – contact us today to arrange an appointment!
