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Life insurance and critical illness options

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The two types of term insurance generally used for mortgage protection are 1) 'Level' and 2) 'Decreasing'

  • Level term insurance is when the sum assured (or payout amount) remains the same throughout the term of the policy.
  • Decreasing term protection policies have a sum assured that decreases over the term of the mortgage. These are normally used for capital and repayment mortgages where the sum assured decreases in line with how much you owe on your mortgage.

Extra cover options

It is often possible to add these extra options to both level and decreasing term insurance.

  • Critical Illness Cover: This pays out the sum assured during the life of the policy if any of the named persons in the policy become critically ill.
    Each provider usually has a different set of illnesses they define as critical so it's always a good idea to see each list and perhaps not only look at who does the cheapest premium. As we get older, critical illness policies tend to get more expensive but if you choose the guaranteed premium option you are protected against any price increases.
  • Waiver of Premiums: This option (at a small extra expense) means you do not have to pay the premiums if you become ill and cannot work for a long period of time (usually more than six months).

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