A Mortgage Life Insurance ensures that your mortgage payments are paid if you were to suddenly die. This would free your family and loved ones from the stress of having to find the funds to pay the mortgages. However, what makes even more sense is to add a Critical Illness Cover to Mortgage Life Insurance. This would mean that if you were to be afflicted with a critical illness, there would be a lump sum payment to tide your family over that too.
In most cases, life insurance policies are quite straightforward but in the case of critical illness cover, you have various options. Most of them have certain terms and conditions – pick the one that works best for you. When you add a critical illness cover, it can be done with guaranteed premiums where the premium payments remain the same throughout or with reviewable premiums where the premiums can be reviewed and changed periodically.