Mortgage Life Insurance Cover
Mortgage Life Insurance Cover
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Mortgage life insurance cover is a type of policy designed to pay out the remaining balance of your mortgage in the event that you or your partner (if a joint mortgage and joint mortgage life cover) were to pass away.
During the process of purchasing a house, this is most likely when you will come across Life Insurance. The point behind life insurance is that in the event that something was to happen, a lump sum will be paid to cover your remaining mortgages.
As a result, your partner won’t need to worry about how they’re going to be able to pay for the mortgage on their own, your family won’t be faced with selling their home or support ease any financial pressures such as the mortgage repayments or the day to day household bills.
What happens to my life insurance if I move to a new house?
If you have moved to a new house and taken out a larger mortgage, your current life insurance policy may not be enough cover.
This could leave a shortfall in cover where your family could be left paying the remainder of the mortgage during a difficult time or may result in them selling their beloved home.
Old Mortgage: £150,000
Old Life Insurance: £150,000 pay out
New Mortgage: £210,000
Shortfall: £60,000
Therefore, you may wish to review your mortgage life insurance and check that there is correct cover for your circumstances.
How much does mortgage life insurance cover cost?
£100,000 Mortgage – £5.45 per month
£200,000 Mortgage – £6.45 per month
£300,000 Mortgage – £7.45 per month
£400,000 Mortgage – £8.45 per month
Prices are based on single life only level term policy, non-smoker over a 25 year term, aged 30
Have peace of mind knowing your family home is protected, speak with our Protection Insurance Consultant for an initial free review of insurance policies. Call us on 01270 443510 or complete our enquiry form and we’ll be in touch as soon as possible.
The information provided on these pages is generic. None of the information given constitutes advice or personal recommendation.
Get in touch about Mortgage Life Insurance
Contact Details:
11 Mallard Way, Mallard Way,
Crewe, CW1 6ZQ
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