Mortgage Life Cover

Mortgage life cover is a type of life insurance designed to secure the family home.

  • Save your home for your loved ones.
  • Stop the worry of missed repayments.
  • Prevent repossession.

Mortgage Life Cover is one of the frequently bought types of insurance. You might have it already but if you've never reviewed your policy - or moved house since you did - you could make a substantial saving.

We'll find the best cover for you.


Mortgage cover ensures your mortgage will be paid off if you die. It will prevent your home from being repossessed and secure it for your family.

Do I need Mortgage Life Cover?

  • If your family could handle the repayments and household bills without you, you might not need Mortgage Life Cover - especially if you've nearly paid off your mortgage.
  • You might not need cover while you're single and childless, but remember: Mortgage Life Cover is at its cheapest when you're young and in good health - it might be harder to get if your circumstances change.

There are two main types of Mortgage Life Cover: Level Term Cover and Decreasing Term Cover. The type you might need will depend on your mortgage.

Interest Only Mortgage

If you have an interest only mortgage your debt stays the same throughout the term of the mortgage. You'll need a level term policy to pay it off.

Repayment Mortgage

If you have a repayment mortgage, your mortgage debt will decrease as you pay it off. A decreasing term policy covers what's left to pay on your mortgage.

Speak with an Adviser and we'll find the best cover for you.

Words of Wisdom

"Don't confuse Mortgage Life Cover with Mortgage PPI. Mortgage PPI covers the mortgage payments missed due to illness or unemployment. We see a lot of poor-value Mortgage PPI policies and think they're generally best avoided"

              -      Ricky Butler      -               Senior LifeSearch Adviser

Common questions

Level Term policies offer the same amount of cover throughout the term of the plan. Decreasing Term policies reduce cover to match the reducing debt of some types of mortgage. This makes Decreasing Term policies cheaper.

You are not tied into the cover for the life of the mortgage, you can change your cover whenever you want. If you change the amount of your mortgage you should review your Mortgage Life Cover too as you might be under-protected - or save a small fortune with a cheaper policy.

No. Mortgage Life Cover doesn't get paid directly to your mortgage lender - you choose who should benefit.

Yes, partners do not have to be named on the mortgage in order to have cover - just as long as there's a legitimate reason for the mortgage to be repaid upon their death.

Factoid

If you bought Mortgage Protection Cover from  your lender, it's very likely that you're paying too much: most lenders offer relatively expensive policies with poor benefits.