Fixed cover (known as ‘Level Term Assurance’): Your cash lump sum value remains the same over the term of the plan. Designed to help protect an interest only mortgage.
Mortgage Protection (known as ’Decreasing Term Assurance): Your cash lump sum value decreases over the term of the plan roughly in line with your decreasing mortgage debt. Designed to help protect a repayment mortgage.
Critical illness Cover: Critical Illness cover provides protection if you should become critically ill. The policy pays out your chosen amount of cover if you’re diagnosed with a specified illnesses and are eligible to claim during the policy term.
Critical Illness could happen to any one of us. If it does happen, critical illness cover could help to minimise the financial impact on you and your loved ones. For example, if you needed to give up work to recover, the money could be used to help repay or fund the mortgage, everyday bills or even simple things like the weekly food shop – giving you and/or your family some peace of mind when you need it most.
Most critical illnesses are paid out for heart attacks, cancer and strokes. They also include but are not limited to coma, kidney failure and total permanent disability.