- Can cover your mortgage repayments.
- Can cover your medical bills.
- Extensive range of illnesses covered.
The aim of this cover is to provide a cash lump sum in the event of diagnosis of an illness where life expectancy is less than 12 months.
Insurance plans designed to pay your home mortgage off in the event of premature death can be inexpensive. Most people will choose a TERM insurance plan that conforms with the length of their mortgage, i.e., 5, 10, 15, 20, 25 or 30 year mortgages.
Some Important features to make sure your plan offers:
- Get an insurance plan that pays no matter how you die (Natural or Accidental: Some plans only cover accidental death) .
- Get an insurance plan that has a fixed guaranteed rate so no matter what happens to your health your monthly costs are fixed and can NEVER CHANGE.
- Get a insurance plan that will allow you to convert to a permanent plan regardless of your health (i.e., fully convertible to a plan that will give you coverage to age 100 (whole Life or Universal Life) without an exam to prove good health).
- Accelerated Death Benefit
This product pays a lump sum benefit on the diagnosis of certain serious illnesses. This feature is also known as an Accelerated Death Benefit, which usually is an additional rider that is free with a mortgage protection plan. Some insurance plans will pay the whole amount of the coverage in place or part).
Optional riders at additional cost
More and more people are surviving critical illnesses due to modern technology and healthier lifestyles. The recovery period is often spent with little or no income and can threaten the financial security of a family. The Critical Illness rider pays a benefit amount upon diagnosis of a critical illness. This benefit amount will not reduce the death benefit of the base policy; it is an additional benefit. Can you afford to be without this important protection?