Standard health insurance, while covering costs for medical bills and rehab etc, will not include pay-outs to cover bills/ home loan repayments, etc.
You need specific mortgage/lifestyle cover for that and you need to be sure - and check (don't just believe what your broker says(!), read the policy and speak with the insurance provider/underwriter to confirm what you are getting before buying!!) - that the policy includes sickness/injury from sports and even martial arts/own volition fighting/sporting injuries.
I have this insurance, it is dual and pays out on: (I) loss of job (redundancy cover) and/or (II) injury/sickness preventing ability to work. The policy is broad and therefore expensive, about £156 per month.
It has a component that specifically covers mortgage amount (and then some) and a secondary element for lifestyle costs per month (ie utilities, food, etc, as a fixed amount). For redundancy it pays out for 12 months (allowing for 3 of these redundancy scenarios over life of policy). For injury/sickness and inability to work, it pays out on-going until better (or not) and on unlimited events. Both aspects go on until I am 60 (or 65, I forget). So policy goes until well over when should be done with this thing called "work". : )
This is index linked to lifestyle costs/CPI and is at guaranteed/locked-in premium amount - premium never goes up until I want/need to increase the pay-out cover amounts.
I got this a while back, I know from looking at the market and speaking with brokers recently that this type of cover (with CPI and locked premium) has only got more expensive and harder to get, particularly the wide type of coverage.
There is an alternative or supplementary cover and this is Critical Illness/Injury pay-out cover. Instead of drip-fed per month payments, you get a large lump sum upfront payment on heart attach, broken leg, etc. I am not sure if this can be tailored to a sport/fighting package - it may cost a lot. This kind of cover, from reading through policies, generally (not always) has more pitfalls, as in there are almost always things not covered... Some people like the lump sum approach. Some people like the per month costs covered approach. Both have cost implications.
Now I have two kids plus wife plus large house (= large loan, gulp!) I am about to take out life insurance. I have always had this covered by my work before so never needed it privately, ie 5xsalary, but in current package I do not get this through work. While my wife can look after herself, I don't want to leave her having to pay for house payments and feed kids, so if I go down the flusher, the house is paid off and she gets some cash (for that damned toy-boy/girl, whatever!!).
I use my brain mostly (it hurts) for work matters and so many MA/sport injuries I have picked up do not stop me working either from office or home and not for long. But if you use your body (in any sense of that meaning) to pay the bills, then this cover you are thinking of may well make sense.
Also, check your employment contract (if you are an employee), do you get full pay for a long period if you can't come into work, or can they bin you or pay nominal/statutory salary pretty quickly if you can't show up?
[There is also an insurance called "whole-of-life" policy. It pays out regardless in a lump-sum when you get binned. This can be expensive, is not for what you need but it can be far cheaper overall and used effectively as a means of managing death/inheritance tax issues your children may face if you cark it and leave them any assets (which may be turned into liabilities!) - if inheritance tax is applicable in your state/country...]
