MORTGAGE CRITICAL ILLNESS

Mortgage life insurance with critical illness - The basics

  • Mortgage life insurance, which we call Mortgage Term Assurance, is designed to help pay off your mortgage in the event of your death.
  • You can include Mortgage Critical Illness Cover with your life insurance policy at an additional cost. This is a type of mortgage protection which pays out a lump sum of money if you are diagnosed with certain specified critical illnesses, during a fixed period of time ('the term').
  • The length of time you choose to be insured for is called the 'term'.
  • If you die during the term, your policy will pay out a lump sum of money.
  • You choose how much life cover you buy. People often want their mortgage life insurance policy to pay out the value of their mortgage or other loan.

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Disclaimer:
Think carefully before securing other debts against your home. Your home maybe repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. A fee of between 0.5% and 1% of the mortgage advance will be payable on completion. The level of this fee will be based on the complexity  of your case (typically a mortgage of £100,000 the maximum fee will be £1000). In addition, we will also be paid commission from the lender. The overall cost for comparison is 7.60% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.