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Serious Illness Mortgage: Sub-Types and Benefits
These are the mortgage insurance plans offered to cover the insured against different serious illnesses. This serious illness mortgage is categorized into three different types: Terminal Illness, Critical Illness, and Chronic Illness Mortgage plans. Let’s get to know about the benefits and advantages of these serious illness mortgages below:
  • Terminal illness Mortgage
    Under the terminal illness mortgage, the insured is covered against the terminal diseases and helps their loved one to repay their mortgage loan as well. For example, if you have been diagnosed with a terminal disease and are expected to live for 12 months, at maximum; the insurance provider will offer an accumulated amount to help you take care of your expensive medical treatment, drugs, and surgical expenses.
    These plans are known to provide a bigger amount to the insured and greatly help them with medical and surgical expenses. There are plans that also provide a cover for pre and post hospitalization expenses as well as rehabilitation charges. Also, this amount can be utilized to repay the outstanding mortgage loan. The offered plan assures that the loved ones of the insured will always have a place to live and they need not worry about the pending mortgage debts.
  • Critical illness Mortgage
    The offered mortgage insurance is provided to the interested homebuyers and help them with their treatment expenses if they get diagnosed with a critical illness in the future. There is a list of serious diseases mentioned in the insurance policies including cancer, stroke, heart attack, cystic fibrosis, kidney failure, bypass surgery, major organ transplant, Parkinson, Alzheimer, major burns, brain tumor, paralysis, coma, dismemberment and many others. This means if you have bought a critical illness mortgage and get diagnosed with any illness listed in your policy agreement, you will be provided an accumulated amount to take care of medical and surgical expenses, pay the charges for rehabilitation as well as repay the pending mortgage and other debts.
  • Chronic Illness Mortgage
    Like critical illness mortgage, these insurance plans also provide a cover against the chronic diseases to the insured. Usually, the chronic illness cover a long list of diseases that includes but isn’t limited to Alzheimer's Disease, Heart Disease, Osteoporosis, Cancer, Chronic Obstructive Pulmonary Disease (COPD), Arthritis, Asthma, Cystic Fibrosis, Eating Disorders, Diabetes, Oral Health, Local IMPACT Project, Obesity, Tobacco-Related Conditions as well as Reflex Sympathetic Dystrophy (RSD) Syndrome. The offered plan is much similar to the critical illness plan and provides a lump sum amount to the policyholder to take care of their treatment expenses as well as repay the outstanding mortgage loan.
  • Claim Only Once
    Though serious illness plans provide a lump sum amount to cover the medical as well as surgical expenses of an insurance, they do it only once in a lifetime. This means, if you get diagnosed with a terminal illness and file a claim for the same, you will get it successfully at once but if you get diagnosed with another terminal disease again, you won’t receive a cover for the same. Such insurance plans are made to provide ultimate protection against terminal illnesses once in a lifetime and should be bought for the same.
  • Convenient to Get a Quote
    The process to a get a quote for serious illness plans is simpler than you can think. Now, you can receive cheap mortgage insurance quotes on your fingertips by just filling a small online form on insurance portals. As you fill the form, insurance agents from different companies will contact you shortly to offer the best insurance quotes available with them. You can discuss the various available plans and get to know the benefits offered in each plan. Comparing the coverage and benefits offered in various plans, you can buy the desired one at the best price.
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