Mortgage Protection Plans
Helping homeowners protect their mortgages. Comprehensive range of Life, Critical Illness and Income Protection plans.
Mortgage life insurance, also known as mortgage protection or decreasing term insurance, is a specialised type of insurance designed to pay off your mortgage if you pass away before it’s fully repaid. The primary purpose is to alleviate the financial burden on your loved ones, ensuring they can manage the mortgage payments without the risk of having to sell the property to cover the outstanding debt. We provide advised cover from a wide panel of insurance providers. A qualified adviser will assess your needs, discuss your requirements and make a recommendation. This ensures you get the right cover at the right price.
Mortgage life insurance is generally more affordable than level-term insurance. This type of policy is designed to reduce over time, matching the decreasing balance of your mortgage. However, if your aim is to leave a lump sum for your dependents to manage other expenses and debts, a level-term life insurance policy might be a more suitable choice (you can even consider having both types of coverage). Have a look at our Insurance comparison tool here to get an idea of what cover might be suitable for you. You can also incorporate critical illness protection with all types of insurance we arrange.
Other Types of Life Insurance Cover
Level Term Insurance: Provides a fixed pay out amount for the duration of the policy. Level policies pay out a predetermined sum if you die during the policy’s term. Its main aim is to provide financial support to your loved ones and prevent an economic crisis due to the loss of your income. When you take out the policy, you decide on the pay out amount, such as £250,000, which remains constant throughout the policy term, for example, 25 years. Generally, you can’t be covered beyond the age of 80, though this varies by provider. The cost of the policy depends on the amount of cover and the length of the term. Premiums are paid monthly and continue until the policy either pays out or the term ends.
Family Income Benefit (FIB):
This type of policy provides regular income payments instead of a lump sum. This type of policy offers an annual tax-free payment for the duration of the policy term, for example, £15,000 per year for 25 years. If you were to die, say five years into the policy, your dependents would receive £10,000 each year for the remaining five years. There are also various protection plans for self employed and Company directors which are covered in our Business Protection Section.
Life Insurance can also be taken out to cover your family, loved ones and provide an essential benefit should the worst happen. If you think it may be too expensive – think again.