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Mortgage Life Cover

Mortgage Life Cover provides essential protection for men, women and couples buying a house, with the help of a bank or building society mortgage.

Request a Quotation now or read on for further information

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Quotation Request Form

Title	Please SelectMissMrMrsMs
First Name
Last Name
Date of birth	Day 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 1916 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 1900
Do you smoke?	No  Yes
Email address
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Is this a joint application?	No  Yes
App. 2: Title	Please SelectMissMrMrsMs
App. 2: First Name
App. 2: Last Name
App. 2: Date of birth	Day 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 1916 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 1900
App. 2: Do you smoke?	No  Yes
House Number
House/Flat name
Street
Area
Town
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Postcode
Type of Insurance	Please Select Life Insurance only Life insurance + Critical illness
Type of cover	Please Select Level Cover Decreasing Cover
Over what period?	Please Select 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 26 years 27 years 28 years 29 years 30 years 31 years 32 years 33 years 34 years 35 years 36 years 37 years 38 years 39 years 40 years 41 years 42 years 43 years 44 years 45 years 46 years 47 years 48 years 49 years 50 years
Amount of cover	Please Select £20,000 £25,000 £30,000 £35,000 £40,000 £45,000 £50,000 £55,000 £60,000 £65,000 £70,000 £75,000 £80,000 £85,000 £90,000 £95,000 £100,000 £105,000 £110,000 £115,000 £120,000 £125,000 £130,000 £135,000 £140,000 £145,000 £150,000 £155,000 £160,000 £165,000 £170,000 £175,000 £180,000 £185,000 £190,000 £195,000 £200,000 £205,000 £210,000 £215,000 £220,000 £225,000 £230,000 £235,000 £240,000 £245,000 £250,000 £255,000 £260,000 £265,000 £270,000 £275,000 £280,000 £285,000 £290,000 £295,000 £300,000 £325,000 £350,000 £375,000 £400,000 £425,000 £450,000 £475,000 £500,000 £550,000 £600,000 £650,000 £700,000 £750,000 £800,000 £850,000 £900,000 £950,000 £1,000,000 £1,100,000 £1,200,000 £1,300,000 £1,400,000 £1,500,000
Type of premium	Please Select Guaranteed Premiums Reviewable Premiums

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The Purpose of Mortgage Life Cover
The purpose of mortgage life cover, also known as Mortgage Protection Insurance, is to provide enough money to pay off the mortgage in full, in the event of death of one or other of the house purchasers or, optionally, in the event of serious illness or disability, if you have chosen the wider cover with Critical Illness protection.

This means the surviving family will be able to live in the family home, free of the mortgage debt, and without the worry of having to find money to make the monthly mortgage payments.

This is particularly important where there is a young family and the remaining partner may not be able to go out to work full time. It is all part of financial planning.

Types of Mortgage Life Cover
You can choose whether to have basic cover which pays out in the event of death during the term of the policy, or you can choose a more comprehensive cover, known as Critical Illness Cover, which will pay out on the happening of one of a number of specified illnesses or incapacities.

Mortgage Life Cover for a Repayment (Capital and Interest) Mortgage is usually arranged on a Reducing Term, also known as Decreasing Term, basis, which means the amount of cover is reduced each year, with the intention of providing just enough to pay off the remaining balance outstanding on the mortgage in the event of death, or illness if the wider cover is chosen. This method of reducing the amount of the remaining amount insured, over time, helps keep premiums to a minimum.

It is possible to choose cover on a Level Term basis, which means the amount of cover remains the same for the whole duration of the policy. This means there will be enough money available to clear the outstanding mortgage in full in the event of death at any time during the policy term. If the mortgage was arranged on a Repayment (Capital and Interest) basis, there may be something left over after the mortgage is cleared, to help with other expenses. Cover on a Level Term basis will be a little more expensive, as the potential pay-out will be greater.

Choosing Level or Reducing Cover?
For mortgages on a Repayment (Capital and Interest) basis, the amount of outstanding capital reduces each year, as payments are made, so for this type of mortgage you can choose whether to have cover on a Mortgage Protection basis, known also as Reducing Term or Decreasing Term.

However, if your mortgage has an ISA (Individual Savings Account) or some other method of repaying the capital at the end of the mortgage term, or if you have an Interest Only Mortgage, then your only option for full protection is to choose a Level Term Assurance, as the full amount of your mortgage has to be covered for the full term of the mortgage. If you have an Endowment Mortgage, check how much life cover is provided by the endowment policy before arranging further cover.

Get a Quotation for Mortgage Life Cover
To take advantage of our quotation service, Go To Our Quotations Page to complete our Quotation Request Form and our Life Assurance Experts will get back to you quickly with a competitive quotation for Mortgage Life Cover.

The information provided is not in any way intended to be taken as financial advice
and as such this website does not require to be regulated by the Financial Services Authority
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