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Life & Medical Insurance

Full Information Around Life and Medical Insurance Options

Life and medical insurance policies help to protect your property and assets should your income be impacted by medical conditions or death. With so many policies available it can be difficult to know which one is right for you. In our expert guides, we’re covering the various types of cover to help you make an informed decision. From critical illness cover and life assurance to income protection, find out more about life insurance and medical bill coverage in our guides.

Posted On: August 31, 2021

Do I Need Life and Critical Illness Cover For A Mortgage?

Mortgage protection is usually advised, but with so many types of cover, how do you know which one is right for you?

What is mortgage life insurance with critical illness?

Mortgage life insurance with critical illness essentially means that your mortgage is protected against both the risk of death and critical illness. It’s important to check which illnesses are covered by your policy, as the list won’t be exhaustive.

Do I need life and critical illness cover for a mortgage?

Whilst you are not legally obliged to take out life and critical illness cover for a mortgage, it is highly recommended. Critical illness cover is particularly recommended if you do not have enough savings to cover your expenses if you can no longer work due to developing a serious illness or disability.

Is critical illness cover linked to your mortgage?

Critical Illness cover is often added to Mortgage Life Insurance, so the loan is not only protected against the risk of death, but also against the risk of serious illness or injury.

The combined plan is designed to provide a lump sum upon death or diagnosis of a critical illness.

So, whether you need to add Critical Illness cover or not will depend on whether it’s already been added to an existing mortgage protection cover. You should check your documents to see if you’re already covered – you’d save yourself a lot of hassle and money unnecessarily applying for another policy.

If you want to change your current policy you should speak to a mortgage advisor for assistance as they can help you browse the market and find a policy that works for you.

Speak to Agentis today. When it comes to life and critical illness cover for mortgages, we’ve got you covered. With over 80 years’ combined mortgage experience, we’re experts in finding the best mortgage products for our clients. We’re here to help you. Contact us today to arrange your free initial consultation.