Under a combined Life Insurance and Critical Illness policy, is the value of cover the same for both the life and critical illness provisions?

Yes, they will be the same - unless you have specifically instructed that the sums insured should be different.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

Hot Topics

Will the Mortgage Payment Protection Insurance pay your interest and capital?
You decide how much you want the insurance to pay out each month if you’re off work. So make sure your cover is sufficient to meet your full monthly repayment to your mortgage provider.
Will Mortgage Payment Protection Insurance pay out immediately you make a claim?
As long as you are off work for 30 days - you can then make your claim.
Should you insure for accident and sickness or accident, sickness and unemployment?
The Mortgage Payment Protection policies we offer gives you the option of insuring yourself for:
When would normal Life Insurance be used in connection with a mortgage?
Term Insurance is another name for Life Insurance. Normal Life Insurance is used if you have an interest only mortgage.
Should I include Terminal Illness Insurance?
Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.
If you have a Mortgage Life Insurance policy that supports a repayment mortgage, the sum insured automatically decreases as your mortgage repayments reduce the capital outstanding to your mortgage lender - and the value of Critical Illness cover decreases at the same rate. Therefore, if you were to become critically ill or die, your combined policy would repay the money you owed to your mortgage lender with little money, if any, left over.

If you have a normal Life Insurance policy supporting an interest only mortgage, the sum insured remains constant and fixed at the original value of your mortgage - and the sum insured for Critical Illness will be the same. Again, the effect is that if you were to become critically ill or die, then your combined policy would pay off your outstanding mortgage. There will be no surplus.

Frequently Asked Questions related to the above topic.
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