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What are the most common optional extras you can have with a Mortgage Life Insurance policy?
There are two - Critical Illness Cover and Waiver of Premium are both worth thinking about.
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If you take out Critical Illness Insurance, then you will receive a tax-free lump sum if you are diagnosed with one of the many serious illnesses listed in your policy. Each Insurance Company has its own list of critical illnesses, but you’ll find a typical list within the related questions shown below.
You’ll also find that it is far more economical to include Critical Illness in a Life Insurance policy than to have two separate policies.
2. Waiver of Premium
Another add-on that’s well worth considering is Waiver of Premium. This is an extra which ensures that the Insurance Company pays your insurance policy’s monthly premium if you were off work as a result of illness or unemployment. This isn’t expensive, and would allow you to keep the policy in what otherwise could be difficult circumstances.
Indexation
In the context of protecting your mortgage, you should not bother with Indexation. This is because the capital you owe your mortgage lender is unaffected by inflation and therefore you do not need to inflation proof it.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- Can you keep on your life policy after you pay your mortgage ?
- What conditions are considered critical? (a typical list of insured Critical Illnesses.)
- How much should you insure for?
- How long should you insure for?
- Go to menu of Frequently asked Questions about Mortgage Life Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance