Anyone who is already aware that life insurance on a
mortgage is a necessity would also be know the
importance of critical illness insurance cover as an
additional benefit to any mortgage life insurance
contract.
If you already have life cover or are taking it out to
cover your new or existing mortgage you already know how
important it is to ensure that the mortgage is repaid
should you die during the term of the debt.
The whole point of Critical illness cover is to ensures
that the same mortgage is repaid if you suffer a
critical illness such as a heart attack cancer or stroke
to name o few conditions that could be covered.
Lets say for example someone suffers a heart attack, as
a result they are rushed into hospital were they stay to
recuperate for a couple of weeks, all this puts an
unnecessary strain on their finances.
Once they come out of hospital they won't be able to
return to work immediately so they will probably be
signed off for a few weeks more depending on how serious
the attack was.
If they had the presence of mind, when they took out
their life insurance to cover their mortgage, to get
critical illness cover as well, during this period or
shortly after subject to a satisfactory claim the life
insurance company would be able to pay out the whole
benefit and they would be able to redeem their mortgage.
The whole point to this example is not having a mortgage
to pay every month would be a significant weight off not
only their mind but also off their finances.
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