*Customers who have received a voucher/gift card before aren't eligible. Eligible customers and online purchases only. Minimum 6 payments required see full T&Cs. Restrictions apply, see www.amazon.co.uk/gc-legal
Many life insurance providers offer the option of adding critical illness cover, which is designed to pay out if you are suffering with a serious condition or critical illness. It can be a useful part of mortgage life insurance as it will ensure you can keep paying your mortgage if you are unable to work due to illness.
Critical illnesses include cancer, a stroke or heart attack, but policies vary. However, the type of critical illness cover you choose will affect how the policy pays out:
Additional critical illness cover
offers two pay-outs - one if you become critically ill, and another when you pass away
Combined critical illness cover
only offers one pay-out, either if you become ill or when you pass away. MoneySuperMarket doesn't offer combined critical illness cover and life insurance, but we do offer a variety of other life insurance products to suit your needs
*According to data collected by MoneySuperMarket, accurate as of October 2019
Am I eligible for mortgage life insurance?
In most cases if you’re over 18 and a UK resident you should be eligible, but some insurers may also have an upper age limit.
Can I get mortgage life insurance from my mortgage provider?
Your mortgage provider may offer decreasing term life insurance as part of your mortgage deal, but you should always shop around for quotes to ensure you get cover for the best price.
Will mortgage life insurance affect my mortgage interest rates?
It shouldn’t, but you should check the interest rate on your mortgage doesn’t become higher than the rate applied to your life insurance policy – you should remember to adjust your cover amount if you make any changes to your mortgage terms.
Can I put my life insurance policy in trust?
You can generally put your life insurance policy in trust, so your beneficiaries don’t have to pay inheritance tax on the pay-out.
Can I change my policy?
It can differ between insurers, but you should be able to make the following changes to your policy:
- Change the length of the policy term
- Change the amount of cover
- Add or remove someone from the policy – you may be able to separate a joint life policy in the event of a divorce, the dissolution of a civil partnership or a new mortgage term
- Switch between annual and monthly payments
Keep in mind that making changes to your policy can result in an increase or decrease to your premiums.
Can I cancel my life insurance policy?
You should be able to cancel your life insurance policy, or as mentioned above remove yourself from a joint policy, but you should check if there is a cancellation fee involved. You won’t get the premiums you have already paid back.
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