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Critical illness cover is one way that you can protect your mortgage in the event of you becoming too ill to work and find that your income is stopped. This form of mortgage protection works by paying the insured a fixed lump sum if they are diagnosed with a qualifying critical illness during the term of the policy. Obviously these qualifying illnesses must satisfy certain criteria in order for the policy to pay out, but once it does the lump sum will be paid out.

If you are interested in taking out critical illness cover it is a good idea to get a critical illness quote so that you have an idea of the cost of premiums each month and can budget for them. This way you will not be overstretching yourself when it comes to making the payments each month, because if you stop paying your premiums, you policy will cease too.

Where can I find a critical illness quote?

If, like many people today you find that you do not have the time to be contacting different insurers and going through your details many times in order to get a quote you will be pleased to know that there are others options available. You can either visit one of the many websites to read more about getting a critical illness quote or you can contact an insurance broker. Many brokers offer a totally free, independent service to bring you a critical illness quote that is right for you.

What if I don’t take out critcal illness insurance?

If you do contract a critical illness during your lifetime and you have to either take extended sick leave from work or have to give work up altogether you could face not being able to make your mortgage repayments. And, unfortunately many insurance policies will not pay out if you contract a critical illness, only if you die during the insurance term.

This is why many people opt to take out additional critical illness cover to be included in their life insurance policy.

Pros and cons of critical illness cover
Pros-
If you are diagnosed with a qualifying critical illness during your term you will be paid out. How much and when will depend on your insurance policy. Added peace of mind knowing that should you fall ill you will be covered by critical illness cover.

Cons-

You have to be diagnosed with a qualifying critical illness. To find out what critical illnesses are covered by your insurance policy you need to read the small print. Your qualifying illness must meet certain criteria in order for you to be paid out. For example you may contract bacterial meningitis during your term but for it to qualify you must be left with permanent symptoms.

For more information on critical illness visit Go Direct for definitions of critical illness cover. Or perhaps you would rather speak to someone about critical illness cover, if this is the case contact Go Direct who have a trained advisors to hep you with impartial critical illness insurance advice.

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