If you’re buying a home, you’re likely protecting your biggest asset — the mortgage. But what happens if life takes a turn? Illness, injury or worse can leave your family struggling to cover repayments.
That’s why many homeowners take out Decreasing Life and Critical Illness Cover — a practical way to protect your mortgage balance if something goes wrong.
💡 What Is Decreasing Life and Critical Illness Cover?
It’s a type of insurance that pays out a lump sum if you die or are diagnosed with a serious illness. The payout amount reduces over time, in line with your repayment mortgage — so you’re never over-insured.
Think of it as tailored protection that shrinks as your debt reduces.
🧾 Why It’s a Smart Choice for Mortgage Holders
- Covers your repayment mortgage balance exactly
- Lower premiums than level cover
- Helps your family stay in the home if something happens
- Protects your income in case of serious illness
- Offers peace of mind that your biggest debt won’t become their problem
💷 When Would It Pay Out?
This type of policy pays a lump sum if:
- You pass away during the policy term
- You’re diagnosed with a critical illness (as defined by the insurer)
The lump sum can be used to clear the mortgage, pay for care, or support your loved ones while you recover.
🛡️ What Does Critical Illness Cover Usually Include?
Most policies include major illnesses like:
- Heart attack
- Stroke
- Certain cancers
- Neurological conditions (e.g., MS)
- Organ failure and other life-altering diagnoses
❓ Do I Really Need It?
Ask yourself:
- Could my family keep up with the mortgage without my income?
- Could I pay the mortgage if I couldn’t work due to illness?
- Is my life cover enough to clear the debt and support the family?
If the answer’s no — this type of cover could be worth serious consideration.
💬 Let’s Make Sure You’re Properly Protected
Decreasing Life and Critical Illness Cover is simple, affordable, and tailored for people with repayment mortgages. Whether you’re applying for a mortgage now or already have one, it’s worth reviewing your options.
✅ Protect your home, income and loved ones
✅ Match your cover to your mortgage term
✅ Get expert, jargon-free advice