A simples guide

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Although we would all like to be around forever, it’s responsible to plan for the inevitable and protect your loved ones financial interests in the event of your death. There are a wide range of life insurance policies that apply different forms of cover, so it’s important to know what you need before you dive into purchasing a policy.


You can learn more about how mortgage life insurance can benefit you and your loved ones in our article below.  

What is mortgage life insurance?

The philosophy behind mortgage life insurance is to help your dependants overcome financial difficulty by covering the outstanding cost of any mortgage you may have in the event that you do pass away. This type of life insurance is often referred to as a decreasing term life insurance policy as you pay off your mortgage over time and the amount you owe decreases so does the amount that the mortgage life policy will pay out.

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How does mortgage life insurance work?

As you would have assumed in the name, the objective is to cover the outstanding balance of your mortgage should the worst happen. Upon each repayment on your mortgage, your debt decreases. This in turn will reduce the amount outstanding so the amount of insurance cover that you will actually need to cover the rest of your mortgage also decreases.

This life insurance solution is specifically tailored for these circumstances, meaning that your cover decreases over time to remain in line with your outstanding mortgage cost.

What is the best mortgage life insurance cover?

Life insurance is a more complex insurance than most as it looks in great detail at your health and age etc. The best mortgage life insurance cover will therefore depend on you and your individual circumstances. For example, you may be slightly older or have an existing medical condition that increases the cost of your policy. Whereas a younger person with no medical problems will get the same cover but at a cheaper cost. 

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How much does mortgage life insurance cost?

The amount that you pay comes down to a range of variables about yourself, your mortgage and the level of cover that you’re looking to acquire. You will often find that a mortgage life insurance policy will be lower cost than that of a level term life insurance plan. This is because the pay-out required decreases over time.

The best way to get an idea for how much you could expect to pay is by doing a quick comparison with us and telling us everything about you and the level of cover you’ll need. We’ll give you a quick indication to what the cost of the insurance might be for you. All you need to do is compare the various options and policy details to find one that is right for you. If you do feel as though you need any more help we have a friendly team specialising in life insurance called LifeSearch who are on hand to provide any help and advice you need. 

What do I need to know before looking for a quote?

Although they may seem like obvious points to address, you need to know how much cover you need and for how long (so what is the outstanding balance on your mortgage and how many years are left before you pay it off). Just answer a few personal questions about yourself (name, age, whether you are a smoker, brief medical history etc.) and we’ll provide you with a range of quotes for you to compare.

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