What happens when you have serious illness and can’t work, your income drops off and so does your life savings? If you have a critical illness cover mortgage, you may be able to avoid losing everything. Critical illness cover mortgages are offered by specialist financial providers who take care of the complexities of insurance. And contracts that protect individuals from the costs associated with long-term illnesses or accidents. 

The cost of critical illness cover is a major concern for many people. How much will this cost? It depends what type of critical illness we are talking about. If you are suffering from cancer or another life threatening condition, the amount that you are ready to pay could be considerable.     

The average person usually has no idea how much having critical illness cover means. They never consider themselves in a position where the costs would have to be covered until all possibilities are gone.  And they feel like their world is falling apart around them.             

When you have a critical illness cover mortgage, the costs are covered by your mortgage providers at no extra cost to you. Your mortgage provider will look after the premiums and any additional costs that may be associated with critical illness cover. This could include lump sum payments for bills, rent and other expenses that need to be paid in a crisis situation.

All critical illness cover mortgages are subject to call-in conditions. These are very important terms and conditions that have to be met before your cash or assets can be released from the mortgage provider.

Benefits of Critical Illness Cover Mortgage  

Many people are looking for insurance to protect them in case they become ill. However, buying critical illness cover has a number of benefits over other types of mortgages.   

Critical illness cover protects you against the risk of illnesses and injuries that can leave you unable to work if they don’t kill you outright. The type of cover that people look at is usually called term life insurance, or sometimes accidental death and permanent disablement insurance.

This type of cover can be added onto your other insurance. You might already have life insurance, or you may want to get some general cover too. Some people buy a critical illness policy as a standalone policy. And others buy it as an addition to existing life insurance or another type of critical illness cover.

The most important thing to do when buying this type of coverage is to know what it covers and what the limits are on how much money the policy will pay out if you get ill and become unable to work. The amount of money you get will depend on the policy you have and the benefits it offers.   

Here are some examples of critical illness cover that you can buy that come with benefits.

Health insurance

If you want a health insurance policy, this is the kind to get. Health insurers pay for covered illnesses and injuries under the terms of the policy.

You will usually have to be covered under a health insurance policy for at least two years before any money your insurer pays out. It depends on having an illness or injury that is already covered by your policy. Despite this, health insurers must guarantee that if you are covered and get ill.  And in this way you will continue to get the same level of cover for the rest of the time. 

Life Insurance Policies

The main thing with a life insurance policy is that it pays out some money when you die. You can choose a policy that is paid to your beneficiaries, or one you pay directly to a charity or cause.