Mortgage Life Insurance with Critical Illness
Mortgage Life Insurance with Critical Illness is a combined policy, which offers a critical illness cover. In general, clients can buy a critical illness cover as an independent, stand-alone policy. A more suitable option, however, is to include this cover within another policy, as in the case of mortgage life insurance policy. It offers an additional level of protection in case the policyholder is diagnosed with some critical illness, even if he/ she recovers.
With term life insurance, mortgage life insurance with critical illness,the insurer takes into account the client’s financial circumstances as well as the amount and type of the mortgage loan. There are other types of covers to consider as well. One such type is the terminal illness cover, which is paid in case the policyholder has been diagnosed with a terminal illness. Another condition is that they are likely to pass away.
What types of medical conditions do insurance companies cover? Among the critical illness types included in this cover are heart attack, stroke, dementia, and cancer. While there are many benefits to having mortgage life insurance with critical illness, there are some issues to consider. First, the premiums may be high, and it is important to decide on the amount you can actually budget for. Second, some insurance companies offer both single and joint cover. A joint cover may be one option worth exploring if you are living with a partner or spouse. Whatever option you choose, it will help support your family if you are no longer able to do so due to death or serious illness.