Any insurance bods about?

[Opal8]

Hi 👋
My dh and I have an insurance policy which is will pay the mortgage off of either of us die cheerful!
It is what I believe is called a decreasing term policy.
However, it also has a "integrated critical illness" element.
Sadly, we may need to be looking at this soon.
However, we have no other info other than the policy number and some basic information.
So my question is,
Would this "integrated critical illness cover" be a lump sum or - as my dh insists - will it pay off the remaining mortgage?
We will of course contact then if it becomes necessary but does that sound right?
I always assumed CI policies were just a one off lump sum to spend as you wished?
Any help would be appreciated x

It would be unusual for the policy payoff to be directly linked to your mortgage (unless you bought from a provider which offers some sort of combi product, I am not familiar with any). Normally your life insurance policy is with a separate provider and whilst decreasing term is designed to pay off your mortgage in many cases there's no actual link between them - so your policy payout could be more or less than the mortgage IYSWIM.

The critical illness part would most likely be a lump sum too

Thank you
It's quite confusing

I agree with the previous poster, it's not possible to know for sure without policy documents but I'm going to guess that whether you die or suffer a critical illness, you will get a lump sum payout close to the value of your outstanding mortgage.

Thank you

Oh.
I've just checked the documents we have and dhs #1 has all his answers to the health questions.
For #2 (me) it says "restricted information"!
What does that mean!?

Did you both get the same documents, or is the version you are looking at one which was specifically addressed to DH?

No it's addressed to both of us

I wonder if it's because it contains personal medical info?

That's what I was thinking

Nothing to worry about then?

I had critical illness cover on my old endowment mortgage, it paid off the set sum to cover the mortgage (they never go down) or more if the investment was higher (yeah right)

It will be classified as it contains your medical history. They do not print that usually. When you took out your cover it may have been for the full amount of your mortgage - or any other smaller amount you wanted as the premiums may have been too high for the full amount. Not all critical Illnesses are covered, there is usually a list that your provider pays out for. It will be a lump sum, which you can use to pay or part / all of your mortgage off, or use in the absence of salary if you are unable to work whilst you hopefully recover. Happy to answer any other questions you may have- I deal with this daily as part of my job.

@Badgerloco

It will be classified as it contains your medical history. They do not print that usually. When you took out your cover it may have been for the full amount of your mortgage - or any other smaller amount you wanted as the premiums may have been too high for the full amount. Not all critical Illnesses are covered, there is usually a list that your provider pays out for. It will be a lump sum, which you can use to pay or part / all of your mortgage off, or use in the absence of salary if you are unable to work whilst you hopefully recover. Happy to answer any other questions you may have- I deal with this daily as part of my job.

That's really kind of you, thank you. The condition that I may be dx with is covered under the policy Dh won't discuss it :( so it's really helpful to have someone to talk to :)