A Critical Illness plan is designed to pay out a lump sum based on the diagnosis of certain specified illnesses.
This plan will pay your mortgage off in full, if you are diagnosed as having a specified critical illness within the mortgage term.
It is often added on to a Term Life assurance plan as an additional benefit but can also be arranged as a standalone plan.
Who is it for?
This type of plan is designed for those wanting a lump sum if they are diagnosed with certain specified illnesses.
The lump sum could be used to repay a mortgage, loan(s), pay for any time you take off work due to illness or used to pay for any necessary alterations to your home/lifestyle.
Critical Illness plans have no cash in value at any time and will cease at the end of the term. If you stop paying your premiums your cover may end.
Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and the policy document if you go ahead with a plan.
The quality and the types of illnesses covered can vary significantly between different providers.
We at Homestraight Mortgages Limited can offer our services through our advisers who can assist & help you find the best plan which meets your requirements.