Critical Illness Cover Insurance to cover you in the event of
you developing a serious illness, and
helps with a one-off payment towards
your mortgage or other financial
committments.

What is Critical Illness Insurance?

Critical illness cover, or mortgage critical illness insurance, is a long-term insurance policy which covers you in the event of you being diagnosed from a critical illness. 

Critical illnesses can occur suddenly, at any time and to anyone. If you are unfortunate enough to develop a critical illness, having cover in place could help to minimise the financial damage that it can cause to you and your loved ones.

The illnesses covered will be listed within your specific policy and if you develop one of the illnesses covered, you will receive a tax-free one-off payment to help you with your mortgage, rent, debts or making alterations to your home, such as installing wheelchair access. 

This type of insurance policy will help you if you get one of the specified conditions listed within your policy agreement, but beware that not all conditions will be included. Critical illness cover is not the same as life insurance, though you may be able to purchase them together. 

Mortgage critical illness cover can provide peace of mind at a time when you need it most, and it can be well worth purchasing whether you’re upsizing, downsizing or even buying your first home. If you’re in need of mortgage critical illness insurance or you want to get a quote to see what the cost would be for you and your family, it’s worth speaking to a broker who can assess your situation and help you make the right decision.

Mortgage Calculators

Types of Critical Illness Cover

There are two main types of critical illness cover:

  • Additional Cover Policies – This type of policy is often bought with level term or decreasing term life insurance, and it could pay out if you’re diagnosed with a critical illness and then later pass away. 
  • Combined Cover Policies – This type of policy is bought with life insurance, but it only pays out once. Insurers offering combined cover policies will pay 100% of your chosen cover amount when you’re diagnosed with a critical illness or when you die, but not both. 

A good policy should cover you for a large range of conditions and it may not necessarily be the cheapest plan available. It’s worth shopping around for the right deal for you, rather than just choosing the most budget-friendly option, as this could cost you later on. 

Some of the illnesses that might be covered include: 

  • strokes, 
  • certain types or stages of cancer, 
  • multiple sclerosis, 
  • heart attacks,
  • permanent disabilities as a result of injury 
  • The policy will come to an end once the payment has been made by the insurer, Note that some insurers will offer smaller payments for less severe conditions. 

If you’re unsure which type of insurance policy provides the best protection for you and your loved ones, you may want to speak to a member of our team who can assess your needs, budget and lifestyle to help you make the right decision.  

Speak to one of our award-winning mortgage advisors 

A critical illness can completely flip your life upside down and you could find that you can’t work as a result of the illness you’ve developed. It’s always a good idea to have a back-up plan in place that will take the stress away from your financial situation.

The amount you’ll pay each month will depend on several factors, including your age and how much cover you take out, whether you’re a smoker or have smoked previously, your current health, your weight and your medical history. 

Your job may also have an impact on the cost, since some occupations come with a higher risk than others. Speaking to a trained insurance professional, such as the team at Town & Country Mortgage Services, can be beneficial in helping you find a policy that fits with your budget and lifestyle. 

Town & Country Mortgage Services have a qualified insurance team within the business who specialise in helping customers find the right insurance policy for their needs. We offer comprehensive advice to help you find a great deal on your critical illness cover to protect you and your family when the worst happens. 

Town & Country Mortgage Services are an FCA-registered, award-winning broker that takes pride in delivering a great service to their customers in all aspects of mortgages and mortgage insurance cover. If you think that you could be eligible for mortgage cover or would like more information, contact us today to book an appointment with a member of the team.

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