Mortgage Protection Life Insurance

Mortgage Protection, also known as decreasing term assurance, is a type of life insurance policy that is designed to pay off the remainder of your mortgage balance in the event of death.
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Mortgage Protection Life Insurance Decreasing Term Assurance

What is Mortgage Protection Life Insurance?

Mortgage life insurance, also known as mortgage protection insurance, is a policy that helps cover your loved ones in any unfortunate circumstances in the future. There are a few different types of mortgage protection insurances such as level term protection and decreasing term insurance, which you can read more about in our FAQ’s further down this page.

Regardless of the type of cover that works best for you, having some form of mortgage protection is vital once you own a property. If you, or a joint policy hold, unfortunately passes away whilst your mortgage is still being paid off, mortgage protection insurance helps ensure that your loved ones have the necessary help and funds to pay off the mortgage and removes the worry of them having to pay out for it each month until they can sell the property and close the mortgage.

How Can I Get Mortgage Protection Life Insurance?

Using our online comparison tool you can get quotes from a wide range of insurers in a matter of moments for decreasing term assurance to cover your mortgage liability.
It’s an incredibly simple process as you don’t need to provide much more detail than your mortgage amount and period, your date of birth, your sex, and whether you are a smoker (or recent quitter.) Once you see the list of prices you can read full details on any policy before going on to buy it.
In many cases, the price available through us will actually be cheaper than you’ll find from going directly to the insurer in the first place. That’s because we don’t claim the full commission which the insurers offer to some comparison services to win business.

We also include the option to search for critical illness cover, which is a common add-on with mortgage protection policies. If you include critical illness cover and if you develop a critical illness during the term the mortgage protection policy will pay out immediately, meaning you don’t have to worry about being unable to pay the mortgage if and when you stop work for medical reasons.

You can also choose between single and joint policies. The latter is a little more expensive, but means that two people can be covered. The policy will pay out if either person dies before the mortgage term ends, though it only pays out once.

While our comparison tool is suitable for most customers, you may want to contact us for a custom quote if you have special circumstances. The most common of these is having a pre-existing health condition that could affect the premium an insurer offers you.

Before buying any mortgage protection policy, be aware of a couple of important legal points. It’s not a saving scheme and it isn’t classed as an investment. The policy only pays out if you die during the mortgage term, so it’s possible your beneficiaries won’t get any payout, or could receive less money than you’ve paid in. You also need to be aware that by taking out a policy you commit to paying all the premiums; if you stop paying, you won’t get any refunds and your cover will usually cease.

Frequently Asked Questions

What is decreasing term life insurance?

Decreasing term life insurance is the same product as mortgage protection insurance and decreasing term assurance. It is a life insurance policy that covers a sum of money that reduces over the term of the policy usually in line with your mortgage balance. Decreasing term insurance will ensure that should you or a joint policy holder die, the remainder of the mortgage is paid off in full, but no further payout is made.

What decreases in decreasing term insurance?

The sum assured decreases, which is to say the amount of insurance. People will usually buy insurance that is the same amount as their mortgage balance. In simple terms, it is the sum of money that will be paid off if a claim is made, that decreases.

How does mortgage life insurance work?

Firstly you decide how much cover you want and how long you want to be insured for. For decreasing term assurance this is usually your mortgage balance at the time you buy the cover. You will be quoted a monthly premium to pay based on your individual personal circumstances. The insurance works by paying a tax free lump sum of money if you die or are diagnosed with a terminal illness during the term of your policy. The lump sum decreases monthly throughout the term of years.

Is mortgage protection life insurance worth it?

This is down to your personal circumstances and depends on your situation. If you have a family and dependants you have to think how they would financially cope if you died. It’s also worth noting that the younger you are when you buy decreasing term assurance the cheaper it is. You can fix and guarantee your monthly payments at a lower premium if you buy life insurance earlier.

What is the difference between level term and decreasing term life insurance?

With level term life insurance the benefit (amount of money you are insured for) remains the same during the term of the policy. For decreasing term assurance the benefit decreases as time passes by. Level term insurance is best if you are wanting a policy that will pay out a specific sum of money should anything happen to you, no matter how long it has been since you took the policy out (as long as it is within the specified policy period). Decreasing term life insurance is better suited to help pay off a specific debt, such as a mortgage, should anything happen to you and will only pay off the remaining amount at the time of a claim.

Can I cancel decreasing term life insurance?

Yes, you are not tied into any credit commitments and your policy can be cancelled at any time with 30 days notice. After your cancellation is processed and your policy has lapsed you will no longer be eligible for the insurance and will have to start a new policy if you change your mind.

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We can also help with putting your policy into trust.

That means you can nominate somebody to look after the money if you die and there’s a payout before you want the intended recipient to get the money. A common example is parents who want to have the payout go to a child only once the child turns 18 or 21. Putting a policy into trust also ensures that the payout goes to your intended recipient and can’t be seized by creditors if you have any debts when you die. There may also be tax benefits to putting a policy into trust.