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

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
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.
How does mortgage life insurance work?
Firstly you decided 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 some 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, it 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.
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.

Decreasing Term Assurance News

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Why Choose Us?

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.

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