When deciding what type of critical illness is best for you, there are a number of decisions to be made. If you are specifically looking at covering your mortgage with some critical illness insurance this can be taken so it does exactly this. If you have a repayment mortgage the mortgage critical illness insurance can be taken to reduce alongside the term of the mortgage and ensure the mortgage gets paid off should you suffer from one of the critical illnesses specified in the plan you take.
Mortgage Critical Illness – Mortgage Critical Illness Insurance – Mortgage Critical Illness Cover
If you have an interest only mortgage you can also take your critical illness insurance to match this. If you were to take a level or “term” insurance plan as it is sometimes reffered the sum assured would remain constant throughout the term of the plan and once again ensure the mortgage would be paid off should you have to make a claim during the policy term.
In terms of cost, you will often find that a decreasing plan is often cheaper than a level policy, the reason for this being that the mortgage plan will pay you less if a claim were to be made in the latter stages of its life whereas a level or term plan would always remain the same. This is of course relative, because if you were to have a repayment mortgage the amount owed would be less.