Can I get decreasing term critical illness cover?

I want to take out critical illness insurance to cover my mortgage but is there decreasing term critical illness protection? I have a repayment mortgage so I need the cover to come down over time.
Question asked by Milly Sparks
Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Level of Cover
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02084327333
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

Answered by Andrew Jenkinson

Yes, it is possible to take out critical illness cover on a decreasing term basis. With this type of insurance your mortgage loan could be repaid if you were to suffer a serious illness or injury within the policy term. Reputable plans cover around 35 specific medical conditions.

How does critical illness cover work?

With a decreasing term plan the level of cover would decline over time so that the amount insured should be just sufficient enough to repay the mortgage due to suffering a critical illness condition at any point during the policy term. Decreasing term cover is usually used to protect a principal repayment loan.

It is important to note that most decreasing term plans do not guarantee to repay the loan in full but rather the level cover declines based upon an assumed policy interest rate, usually of between 8 to 10 per cent. This means that the plan would contain enough cover to repay the loan at all times provided that your mortgage interest rate does not go above 8 to 10 per cent (depending on the insurer).\

Gaining cost effective cover

The most cost effective method of gaining cover is usually to take out mortgage life cover with critical illness insurance. In other words, it is usually cheaper to take out decreasing term insurance and add critical illness cover to the plan as an option.

decreasing critical illness cover
 
mortgage protection
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 

Frequently Asked Mortgage Protection Insurance Questions

 
I’m researching mortgage insurance at the moment but can’t quite work out how it works. Does the...
 
For mortgage protection do you need critical illness cover? Is it worth taking out this type...
 
To take out a mortgage is it also compulsory for me to take out mortgage life insurance so the bank would...
 
I have been looking online for mortgage payment protection insurance and all the plans seem to have this...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Doug Harvey
05/09/2018

Victoria swiftly helped in finding a solution which offered the required cover, with a more competitive premium.

Huw Davies
05/09/2018

The service I received from Drewberry was excellent. Egle provided me with very detailed information about my insurance options and explained the pros and cons of each option clearly.

James Ager
21/08/2018

Friendly, helpful and knowledgeable. Nadeem Farid searched the market and found a product that matched our needs.

We are rated 4.9/5 based on 1742 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.93 / 5 Average
652 Reviews
Verified Buyer
Overall Rating
The whole process was a pleasure. Drewberry we're easy to deal with, polite, knowledgeable and helpful
Verified Buyer
Overall Rating
Very good, clear service would recommend to friends and family
Anon
Overall Rating
Sam Carr provided an efficient and professional service.
Verified Buyer
Overall Rating
Sam Carr provided a professional but enthusiastic service and helped make the whole process very straight forward. Goodness knows I have been through enough application forms recently. My insurance product was never going to be easy to find and I had been rejected on a number of other occasions through others ironically due to well managed common health conditions. I identified Drewberry in a last and disappointing trawl on th web to find someone that actually wanted to take on a difficult case like me. Some brokers wouldn't even consider me. When we applied for my first choice product Sam wasn't at all deterred by the long wait for my GP report or the final rejection that came back from the insurer, sadly I have become used to it. Within a day he had lined up the second choice and to my surprise he had hit the nail on the head and introduced me to the correct insurer and terms for my needs whilst nogotiating an excellent premium. I am extremely satisfied with what Sam has achieved for me and I would have no hesitation in recommending either him or Drewberry to friends, family and and business contacts. In the future, Drewberry will be my first point of contact. Many thanks!
Kym
Overall Rating
Tailored to my need and the staff gave very good service