Whole of Life Cover
Critical illness cover and life insurance
Two other products to consider are critical illness cover and life insurance which both pay out a lump sum that could be used to pay off your mortgage.
Critical illness cover is designed to ease financial hardship if you become seriously ill or disabled. It will pay out a one-off cash sum if you’re diagnosed with one of a number of listed critical illnesses, including some types of cancer, a heart attack or stroke, multiple sclerosis or the loss of limbs.
Life insurance will pay out a lump sum if you die during the policy term. This kind of cover is especially important if you have dependents, and want to make sure the mortgage would be paid off after your death.