What if I add Critical Illness Cover?

Your Critical Illness cover should match the kind of mortgage you have.

There are various options for Critical Illness Cover, depending on the kind of mortgage you have. With Mortgage Life Insurance (which is used in conjunction with a repayment mortgage), the sum insured for critical illness decreases over time in line with the mortgage life cover and the value of your mortgage.

If you have an interest only mortgage, you’ll need standard, level cover Life Insurance. If you add Critical Illness cover to a normal Life Insurance Policy, the sum insured for Critical Illness remains constant – it does not decrease over time as it does if it were included on a Mortgage Life Insurance Policy.

Critical Illness cover which decreases over time, is less expensive than Critical Illness where the sum insured is constant.

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!

Please note : The information contained within the FAQ section has been written by Mortgage Protected Online

Related questions:

What is Critical Illness Insurance?

What illnesses does Critical Illness Insurance cover?

What’s the difference between Terminal Illness cover and Critical Illness cover?