Critical Illness Cover (CIC) or serious illness cover (SIC) pays out a tax free cash lump sum upon the diagnosis of an illness that is covered by the insurer. This money can be used to repay the mortgage, replace your income, convert or adapt your property to make life more comfortable or even embark on the holiday of a lifetime. Different insurers offer cover for different conditions at different rates.
One of our brokers can guide through you through the following choices:
How much cover do you need?
Critical Illness Cover or Serious Illness Cover can be set up to cover the balance of your mortgage plus fees or for a different amount based on other liabilities or a figure you choose to provide extra support to your family.
What type of cover do you need?
The amount of cover is known as the sum assured. Policies can be set up at a fixed amount of cover which is called level term or on a decreasing basis, where the cover decreases over the term of the policy.
How long do you need the cover for?
Policies can be set up to run alongside your mortgage term, to your retirement age or for another term of your choice.
As with all insurance policies, conditions and exclusions will apply.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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