FAQs
Mortgage Protection
- Reducing term life insurance
- Reducing term life insurance with serious illness
- Level term life insurance
- Level term life insurance with serious illness
We can talk you through each alternative and help you to choose the right one.
If you have a capital and interest mortgage and the amount you owe gets lower and lower over time, you will likely need a Mortgage Protection policy or Decreasing Term Cover.
However, if your mortgage is Interest Only then you’ll need a Level Term Life Insurance Policy.
You will have to cover the current outstanding balance on your mortgage for the remaining term of your mortgage.
For new mortgages, you’ll need to cover the amount you’re borrowing over the term of your mortgage.
If you’re in the process of applying for a new mortgage, then you should apply approximately 3 months before you want to draw down on your loan.
If you’re trying to change life cover providers (i.e. you already have your loan), you can apply at any time.
The first step is getting a quote online. Simply click here, enter your details and we’ll take care of the rest.
Generally speaking, the insurance provider will not ask you to do a medical but it is necessary in certain situations. Older applicants and people with an existing medical condition are more likely to be asked to attend a medical. This will be free of charge.
Your premiums will never increase on your Mortgage Protection plan.
Yes. If you stop paying premiums, you policy will lapse and your cover will cease. In this instance, there will be no pay-out at the end of the plan. If your policy is to cover your mortgage, then you’ll need the mortgage provider’s permission in order to cancel the policy.