We are able to offer Critical Illness in one of two ways:

  • Mortgage Protection

  • Term Assurance

You would be paid a cash lump sum if you are diagnosed with a critical illness that meets the provider’s policy definitions within the policy term which is set at the start of the policy. The amount of cover remains (level) the same throughout the policy term.

Mortgage Protection
The cash lump sum received under a Mortgage protection policy would reduce each year during the term of the policy roughly in line with the outstanding balance on a standard repayment mortgage – hence it is referred to as “mortgage protection”.

Term Assurance
Provided the initial sum insured and term are the same as the mortgage at the outset it means that in the event of diagnosis of a critical illness that meets provider’s policy definition’s the policy should be sufficient to repay the mortgage provided interest rates have not risen above 10% p.a. (this can vary by provider)
critical illness cover