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Critical Illness

What is it?

  • 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.