Mortgage Life Insurance | Mortgage Life Assurance
Compare Mortgage Life Insurance Quotes Online
To request an Insurance Quote, please Complete the short quote form below.
Your Insurance adviser will then search the market for you, and contact you with details of the best policies available.
Mortgage Life Cover
Mortgage Life Insurance is also known as decreasing cover, or a decreasing term assurance. No matter what the description, the insurance does the same thing.
Mortgage life insurance cover provides a lump sum payout sufficient to repay the outstanding balance of a mortgage, should the insured die during the policy term. This makes a mortgage life insurance policy ideal for the repayment of a capital and interest mortgage where the mortgage balance reduces over time.
Mortgage life insurance policies will guarantee to repay the mortgage, so long as all mortgage payments have been made, and mortgage interest rates have not averages over 10% during the term of the policy. The premiums are guaranteed at outset, and remain the same throughout the policy term.
How much will it cost?
The cost of mortgage life insurance is affected by a number of factors such as your age, gender, occupation, family medical history and whether you are a smoker or not. The minimum premium available from any insurance company is £5 per month but will be dependent on the following factors plus the amount of cover required.
As a rule of thumb, mortgage life insurance becomes more expensive the older you get, but premiums may be different after assessment of factors such as your hieght, weight and medical history.
Mortgage Life Insurance Premiums are guaranteed so that you pay the same amount throughout the whole policy term. If critical illness cover is added to the policy please take note of the premiums returned as some will be reviewable and some guaranteed, Reviewable premiums are subject to review at a later date. For full details read the policy conditions given on the key facts illustration.
Mortgage Insurance Policy Additions
Critical illness Cover
If adding Critical Illness cover to your Mortgage Life Insurance policy, the policy will pay out before death, should you be diagnosed with one of the illnesses covered by the policy, for example - Alzheimer's Disease, Benign Brain Tumour, Blindness, Cancer, Coronary Artery By-Pass Grafts, Creutzfeldt-Jakob Disease (CJD) and Heart Attack to name just a few. Please note however that there are standard definitions for each critical illness, and not all criticall illnesses are covered.
The cost of cover is dependent on the same factors that are assessed for a basic life cover policy such as age, gender, medical history etc. Once paid out the policy will generally cease. If you survive, no repayment is required.
Why is Critical Illness Cover so Important?
- Around 50% of all critical illness claims relate to cancer.
- A man has a one in four chance of suffering a critical illness before retirement age. For a woman it is one in five
- Around 8000 women under 50 are diagnosed with breast cancer each year in the UK
- The most common cause of cancer for men aged between 20-39 is testicular.
Terminal Illness Cover
Terminal illness protection is integrated with absolutely no additional cost with virtually all mortgage life insurance policies.
Terminal illness cover provides that added peace of mind that the mortgage life insurance policy will pay out the insured lump sum should you be diagnosed with a terminal illness rather than to die.
Of course like all insurance policies, there are certain requirements to be able to claim, such as all premiums being up to date. An diagnosis of the terminal illness will be subject to confirmation that it meets the insurers definition. In most cases that will mean confirmation by the Chief Medical Officer, that you are suffering from a rapidly progressing, advanced and incurable illness where life expectancy is forecast to be 12 months or less.
Once a terminal illness claim has been made, no further claims can be made and the policy will cease with no further premium being required.