Mortgage Protection – Life & Illness – Royal London
Mortgage Protection – Life & serious Illness cover from Royal London, will make payment to your mortgage lender should a claim occur during the policy term. The premium will remain fixed throughout and aassigning the policy to your lender is made simple. Adding serious illness cover to this policy means that in addition to your life cover, you will also be covered for 100 specified serious illnesses during the policy term.
Should a death claim occur during the cover term a tax-free payment will be made payable. Joint life claims pay-out on the first claimant only.
Specified Serious Illnesses
If you are diagnosed with one of 100 specified serious illnesses during the term of your policy, a tax-free lump sum will be paid out. 60 full payment illnesses and 40 partial payment illnesses are covered, including the 3 major full payment conditions of cancer, heart attack, and stroke. The survival period prior to a claim pay-out is 10 days.
The death of a child is certainly not something anyone likes to think about especially when it is your own child. However, a sum of €5,000 will be payable if a child of yours dies during the term of the policy.
Children are also covered for the same specified illnesses as the policy holder/s, subject to a maximum of €25,000 for full payment illness and €7,500 for partial serious illnesses.
The child cover applies between the ages of 3 months and 18, or 21 if in full-time education.
Special Events Increase Benefit
With this, you can increase the level of your cover without providing any medical evidence, following any of these events:
- Your mortgage increases, either due to the purchase of a new main residence or the improvement of your main residence;
- You get married;
- You have, or adopt a child.
The maximum increase you can make following any one of these events is the lower of €100,000 and 50% of the original level of cover for that benefit. This option ends at aged 55 years old or in joint policies when the older person reaches 55 years old.
Terminal Illness Benefit
If you are diagnosed with a terminal illness and have less than 12 months to live, Royal London will pay the full amount of Life Cover as of the date of diagnosis. A terminal illness is an illness where, in the opinion of the attending Consultant and Royal London’s Chief Medical Officer, you will not survive the next 12 months.