Critical illness mortgage life insurance may seem like a bit of a gimmick, but it can actually offer some financial security for your family. Having a lump sum of money to use for mortgage expenses can make a big difference during a stressful time.
How much critical illness coverage do I need?
The amount of critical illness insurance cover you need is going to depend on your lifestyle. Your age, how much you smoke, and how many years you expect to work until you retire will all play a part in the overall cost of your coverage. Some critical illness policies are permanent, while others are temporary. You can get a policy that will pay out as little as $20K or as much as $2 million.
The most important thing to remember is that you’ll need to find the right company. A good place to start is an independent insurance agent. They have access to dozens of companies and can help you compare their products and services. Whether you’re looking for a whole life insurance policy or a critical illness rider, they can help you find the best deal.
Getting a critical illness rider with MPI
Another option is to combine critical illness life insurance with your existing mortgage protection insurance. This can be a good way to save money, and it can give you some extra protection in case you become ill or disabled during your working years.
When it comes to critical illness life insurance, you want to make sure you get the right product for your needs. There are many different options on the market and not all of them will be a good fit. It is also a good idea to have a chat with an independent financial adviser before you make a final decision. Purchasing a life insurance policy can be confusing, and it is a good idea to have a qualified professional who can answer your questions.
While no one wants to think they are going to get sick, it is always better to be prepared than to have to cope financially on your own. For instance, if you lose your job and can no longer work, you’ll need to take care of your family, and that’s where critical illness life insurance can come in handy.
How to buy critical illness mortgage life insurance
You can buy standalone critical illness insurance, but most people tend to look for the life insurance or critical illness rider as a complement to a regular policy. If you do opt for standalone critical illness insurance, be sure to get enough coverage so that your loved ones can continue to pay for the basics of living. Also, be sure to check your policy to see if there is an income protection benefit to accompany your critical illness.
It’s also a good idea to talk to an expert if you are unsure of which critical illness life insurance product is right for you. Ask for a free quote or visit an independent agent. After all, you want to make sure you have the most reliable product on the market, especially since critical illness is a serious condition.