Moving home is a useful point to review the protection you already have and whether it still fits your mortgage, household costs and dependants. An older TSB survey discussed home movers’ priorities, but its percentages should not be treated as a current measure of what buyers do today.
Cover options to discuss
Level term life insurance is designed to keep the chosen cover amount level during the policy term. Decreasing term cover is designed to reduce over time and is often considered alongside a repayment mortgage. It does not automatically track every mortgage balance: the loan, interest rate, repayment pattern, cover amount and term need to be checked together. A valid claim and any payment depend on the policy conditions.
Review any existing employer or personal cover before replacing it. Compare premiums, exclusions and affordability, and do not cancel existing protection until you understand the implications. MoneyHelper explains types of life cover.
For current information, see our Mortgage Protection guide or contact IM-Insured about an adviser enquiry.
