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Life Cover and Mortgage Protection Insurance will pay out a lump sum to the beneficiaries – usually the remaining members of the family – if the insured person passes away while the policy is in force.
It will then provide money to help to pay off the mortgage on the family home. There may even be enough left over to help the surviving spouse/partner to maintain his or her lifestyle.
These days, many life insurance policies are in force for a fixed length of time, called a Term. This is often linked in to the duration of a mortgage. This leads to this sort of policy being known as Mortgage Protection, Term Life Insurance, Mortgage Protection Insurance or Term Assurance.
The types of Mortgage Protection available
If you have a standard repayment mortgage, then you need a decreasing term Mortgage Life Insurance policy, often just called Mortgage Insurance. They are usually level premium, declining benefit policies. They suit repayment mortgages or loans that have a decreasing amount so that the remainder of the mortgage will be paid if the insured dies. The cost is kept low because the sum insured declines over time.
Some people still have interest-only mortgages. Level Term Mortgage Insurance policies have fixed-cost premiums and are used for long-term planning and asset management because premiums stay the same each year and so it allows one to budget over several years. This means that it is eminently suitable for an interest-only mortgage because the balance remains constant during the term of the policy.
Level Term Life Insurance can be a simple solution to provide a potential lump sum while the children are small, even if it is not needed for a mortgage.
Compare different Life and Mortgage Protection policies
Choosing the right life insurance policy for you can be confusing and difficult and the wrong choice can be expensive. We want to do all the work for you – just fill in the details on our simple form and we can compare 100s of UK insurance providers to find the best mortgage protection quote suitable for your own personal needs.
Read more about life cover and the different options available to you.