Mortgage protection - FAQS
Put simply, mortgage protection is a type of life insurance designed specifically to cover your mortgage. This policy would pay out a lump sum, equating to the balance of your mortgage, so that your family wouldn’t be burdened with a huge debt if the worst were to happen to you. Keep reading to find out more about mortgage protection and how it can help you and your loved ones.
How long does a mortgage protection policy pay out for?
Our specialists will typically advise your mortgage protection policy to cover you for the remaining length left on your mortgage term. So, for example, if you had 30 years remaining on your mortgage, then your policy would be advised to cover you for 30 years.
Having this policy in place could ensure that if the worst were to happen during your term length then you would be financially protected by your policy.
How much does a mortgage protection policy cost?
There is no one size fits all for a mortgage protection policy because each policy is tailored to suit each individual. Your mortgage protection policy will be based off several different bits of criteria such as your:
- Mortgage balance
- Age
- Mortgage term
- Health and lifestyle
- Occupation
- Smoker status
- Family medical history
When you speak to one of our protection specialists, we will accumulate all of this information together and be able to find a price that works for you and your budget. 
How do I choose the right mortgage protection policy?
Choosing the right life insurance policy can be a challenge. It can be difficult to know which insurer is best for you, what the jargon means, and so much more! This is why we provide free, expert advice on all things life insurance.
Our specialist advisors take your current circumstances and financial status into consideration. We do this so we can create a tailored policy which will best suit your current needs and circumstances. Click the button below to start your quote today!
What is a decreasing policy?
A decreasing life insurance policy is generally used to cover your mortgage as it will decrease in line with the remaining balance of your mortgage.
This type of cover is typically recommended to cover a repayment mortgage and as the balance of your mortgage decreases over the years, your monthly premium may also decrease over time.
Is mortgage protection essential?
It’s not a requirement to wear a helmet when riding a bike. But if you were to crash your bike and you didn’t have your helmet on then you could really hurt yourself. Therefore, wearing a helmet is the right thing to do.
Similarly, having a life insurance policy in place may not be a requirement when arranging your mortgage. It is, however, the right thing to do as without it, your loved ones could struggle financially if the worst were to happen. So why risk it? Protect yourself today.