Permanent Insurance has added a standalone critical illness mortgage product to its range which will...
Permanent Insurance has added a standalone critical illness mortgage product to its range which will pay off the mortgage should the policyholder be diagnosed with one of 29 conditions or illnesses.
Critical Illness Mortgage can be used in correlation with a traditional or flexible repayment mortgage. It offers guaranteed rates throughout the term and as well as having no ceiling on the interest rate covered, it offers to pay a minimum sum even if there is no longer a mortgage in force at point of claim. It runs alongside Permanent's other critical illness offerings including a CI rider mortgage product.
Rod Macdonald, sales and marketing manager at Permanent, said: "This launch is in direct response to the changing nature of the mortgage market and related protection products. Although the penny is finally dropping with many people that State benefits are inadequate, statistics demonstrate that there are still millions of mortgage holders who need to take action to upgrade their protection."
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