We rarely get a notice that an accident or illness is coming, and when they do, it can have long-lasting repercussions, especially when it comes to your mortgage and your family’s financial security.
Finding out you have a critical illness can be very difficult news and the emotional and financial impact on you and your family can be overwhelming. The benefits you receive from a mortgage life critical illness insurance policy can help you:
- pay towards your mortgage and other debts
- replace some of the income you may lose while you’re unable to work
- pay for home alterations or special equipment to help you recover
- maintain yours and your family’s standard of living
Affordable Mortgage Life Critical Illness Insurance
At AIME, we offer affordable, transparent, and flexible mortgage life insurance with the option of adding disability coverage and critical illness riders to your policy, so you can ensure your family’s financial stability is protected no matter what.
What Does Mortgage Life Critical Illness Insurance Cover?
An illness can be debilitating in both the physical and financial sense. You can protect yourself and your loved ones by considering critical illness insurance. Multiple illnesses can be covered in your policy including (but not necessarily limited to):
- heart Attack
- stroke
- life-threatening cancer
- major organ transplant
- heart valve replacement or repair
- kidney failure
- HIV infection
In some cases, a policy may a partial benefit for a specific illness, or if you have to undergo certain kinds of treatment such as artery bypass surgery.
Tip: Before you sign up for a mortgage life critical illness insurance policy, make sure you understand its benefits - what’s covered and what isn’t.
5 Factors to Consider Before Buying Critical Illness Coverage
There are all kinds of expenses that come along with getting sick, from lost income to paying expensive hospital bills so planning ahead and purchasing critical illness coverage is key to protecting yourself, your family, and your savings.
However, all insurance policies are different and before you invest in a certain critical illness insurance, it’s important to take into consideration the following five factors:
- Which critical illnesses are covered in your policy. Different companies offer risk coverage for different critical illnesses. While some may offer coverage for 20 such diagnoses, others may only cover eight.
- List of critical illnesses not covered in the policy. It’s equally essential to take note of the things that aren’t covered in the policy. Remember to read through the policy details carefully so you can understand all the exclusions.
- Understand the procedure of filing a claim. A claim process is an important part of any insurance policy. Before you sign, make sure you understand all the formalities and documents you would require to file a claim.
- What benefits would you get at the time of renewal? Before you agree to a policy, find out what benefits you could get from your insurer in the years you never file any claims.
- Age of coverage. Before buying any mortgage life critical illness insurance policy, make sure to find out till what maximum age the policy will cover critical illness.
Final Note
For anyone, being diagnosed with a critical illness is a major life change and can have far-reaching consequences. Not only can it break down one’s morale completely, it can also wipe out your savings and leave you in a precarious financial situation.
At a time when the cost of living and medical expenses are skyrocketing, critical illness insurance can be one of the most effective solutions to fight against the difficulties you may face in such difficult circumstances.
Call Today
To find out more about our mortgage life insurance products, including critical illness and disability coverage, contact us at 1-866-821-1439 or fill in our online contact form.
