Mortgage Protection Life Insurance

One of the biggest financial commitments for any person is the mortgage payments and the last thing you would want is to burden your family with them if you were to suddenly die. I know, I know, a little bit morbid right? But, like the old cliche says about death and taxes, you can be certain that you need to plan for it.

You could argue that this is even more important when the family is young and the children are small – where will they get the money to pay regularly for the mortgage? This is where mortgage protection life insurance helps because if you were to die during the term for which you are insured, the company will pay the mortgages. What you need to ensure is that the term extends up to the last mortgage payment.

The premiums for this policy are usually very affordable – around £5 a month and you would fix the term for which you need the cover. You can choose between a fixed cover and a decreasing cover. This means if your mortgage is a fixed amount, you will need a fixed cover and if it is a decreasing amount, then you need the decreasing amount. This policy is very clear-cut – it pays off your mortgage payments in case you die.

Types of life insurance

  • Single life insurance

    Life insurance to cover the life of one person. But what else is there to know?

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  • Joint life insurance

    A joint life insurance policy to cover two people (cohabiting, in a relationship etc).

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  • Level term life insurance

    A life insurance policy that pays out the same throughout the policy term.

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  • Decreasing term life insurance

    This cover decreases throughout the life of the policy, usually in line with a mortgage.

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  • Critical illness cover

    You don't just have to get cover for your life - consider what would happen if you were to become seriously ill.

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  • Life insurance with critical illness cover

    A combined insurance policy that pays out upon death or if you become very ill.

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  • Mortgage protection cover

    Not to be confused with mortgage PPI, this life insurance would help to pay a mortgage off.

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  • Mortgage protection cover with critical illness cover

    Similar to mortgage protection life insurance but also pays out if you develop a critical illness.

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  • Family income benefit cover

    Instead of a lump sum this would pay a fixed monthly amount to your family if you pass away.

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  • Convertible term life insurance

    A flexible type of life insurance; you can switch it to a different life insurance variation later in the term.

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  • Guaranteed life insurance

    No medical required and this type of policy is available to anyone and everyone, regardless of circumstances.

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  • Reviewable life insurance

    Every few years this policy can be "reviewed" to see if the level of cover that you have chosen is still appropriate.

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Still need to learn more about Life Insurance?

You don't know how lucky you are. No, really. Why? Well, because we've put together the official ChooseMonkey Guide to Life Insurance just for you!

(Ok, so maybe a few other people are going to read it too. But remember, you're special)

Compare affordable quotes from UK life insurance providers such as:

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