Mortgage protection is normally associated with life insurance, but you can have Critical Illness cover built into it. It is designed to repay your mortgage if you die or have a Critical Illness. The cover starts off at the same amount as your mortgage and reduces each year in line with the reduction in your actual loan. It works well if you have a "Repayment" mortgage which is where you are paying capital and interest, but beware if you have switched to an "interest only" mortgage where the capital is remaining level as your Endowment/PEP/ISA/Pension builds up.

If mortgage protection is the only Critical Illness policy you think you need, make sure you will have sufficient funds available, in addition to repaying the mortgage, to spend on any remedial work to your home, to cope with your "after illness" requirements.

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