Mortgage Protection Insurance
Life insurance can help your loved ones repay a mortgage if you die during the policy term. Explore the cover amount and policy length that fit your mortgage and wider commitments.
Request a no-obligation adviser call. We’ll contact you to discuss your needs; the enquiry does not provide an instant online price.
Match the protection to the mortgage
Mortgage protection is generally life cover considered alongside a mortgage balance and term. The graphic shows that long-term connection; the type and amount of cover still need to fit the loan and your wider household needs.
What is Mortgage Protection Insurance?
This page describes life insurance arranged with a mortgage in mind. It can provide a benefit following a valid claim during the policy term, helping loved ones deal with the remaining mortgage.
Who is it for?
It may be relevant if someone would struggle to meet the mortgage costs after your death. Consider the amount owed, the years left to repay it and any cover you already have.
What does it cover?
Mortgage life insurance pays on a valid death claim during the cover period. Any terminal illness benefit depends on its terms. It does not automatically provide a regular income when you cannot work or cover redundancy.
Decreasing Cover
The amount of life cover falls over the term. It is often considered for a repayment mortgage. Check that the policy’s reduction assumptions fit your mortgage.
Level Cover
The amount of cover stays the same throughout the term. It may be considered where the amount you want to protect is not expected to reduce.
Your mortgage can change. Discuss whether your current cover still reflects what you owe.
Why might you need it?
A suitable payout could help those you leave behind reduce or repay the mortgage. The policy must continue to fit your borrowing: it will not automatically adjust when your mortgage changes.
Important considerations
- Match the cover amount and term to the commitments you want to protect.
- Review cover if you borrow more, extend the mortgage term or change repayment arrangements.
- For decreasing cover, check the interest and reduction assumptions against your mortgage.
- Discuss Critical Illness Cover or Income Protection separately if illness or injury is also a concern.
Ready to discuss mortgage life cover?
Request an adviser call about protection for your mortgage. You can talk through the balance, remaining term and people you want to protect.
Your enquiry is no-obligation. An adviser will contact you to discuss suitable options before you decide whether to apply.
