Mortgage life insurance

It is a fact of life that, in order to make sure our family remains secure, we have to plan ahead for events that we hope will never happen. A mortgage is most likely your biggest outlay, and ensuring that your family remains safe in their home in the event of illness, or even death, is essential. We understand that the process of finding adequate mortgage life insurance can be daunting but our many years of experience means that we’re well placed to find the perfect solution for you.

Let’s look at what mortgage life insurance is, and why it’s often considered to be a necessity.

Mortgage Life Insurance Explained

In simple terms, mortgage life insurance is a policy into which you pay a monthly premium, and will cover the cost of your mortgage in the event of your death during the term of the mortgage. However, there are different types, so here we will explain the two main options:

Mortgage Term Assurance – this form of mortgage life insurance pays out a cash sum should you die during the term of the policy. This will be used to cover the outstanding mortgage so that your family can remain in their home. The monthly premium is generally consistent throughout the course of the policy and the agreed terms vary per individual. Expedite Finance can help you decide whether this is the right policy for you, and also help find a policy that is best suited to your personal circumstances.

Mortgage Decreasing Term Assurance – this type of policy is designed to help those who have a repayment mortgage. In brief, the amount of cover your beneficiary will receive in the event of your death will decrease across the term of the policy, as does the outstanding amount of your mortgage. It is vital that you ensure you are adequately covered if you choose this type of mortgage life insurance, and our team have the expertise and knowledge to guide you towards the best policy for you.

It should also be remembered that you can add critical illness cover to your mortgage life insurance policy; this will pay out an agreed sum in the event of you being diagnosed with any of the illnesses specified in the policy during its term. This gives your family added peace of mind should the unthinkable happen. We have a dedicated page with further information on critical illness cover here.

Mortgage life insurance is an essential consideration for anyone with a family, a home and a mortgage. We cannot predict the future and, sadly, accidents and illnesses do happen to the best of us.

Expedite Finance will look carefully at the options available to you to ensure that you and your family are as protected as possible. Everyone’s circumstances are different and our team will do a full assessment of your needs and present a recommendation of the best options available. Regardless of your circumstances, we are committed to finding you the right level of cover to ensure you have maximum protection.

Call Expedite Finance today on 0800 2012 148 and our team will be more than happy to help.

For mortgages, we can be paid by commission from the lender and a client fee of £395 paid on completion of the mortgage.

Request callback