Mortgage Life Insurance
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What is Mortgage Life Assurance ?
Mortgage Life Insurance ~ Key Features
Also known as Mortgage Decreasing Term Assurance, Mortgage Protection Life Insurance & Mortgage Life Cover
- On death, decreasing benefits are payable until the ceasing date
- Designed to repay a repayment mortgage or loan over the term
- Can be in sole or joint names
- Mortgage Life Assurance benefits are currently paid out tax free on death
- Term plans usually have no surrender cash in value at any time.
- Medical evidence may be required and a medical examination for those with health issues
- Unlike Level Term Insurance, the benefits decrease at rates set by the Insurer annually
- Premiums may be guaranteed or reviewable
- Can include waiver of premium benefit to protect premiums due to sickness or accident
- Can include Critical illness benefit cover
The reason for the word "Decreasing" above is that [ assuming you have a repayment mortgage ] as your mortgage debt decreases, so the potential payout will also decrease over time.
If however, you have chosen an interest only mortgage then you will need a level term life assurance as the mortgage will not be reducing.
Mortgage Life Assurance is there so that your dependents won't have to worry about paying off your mortgage if you die during the term or are critically ill if also you include critical illness cover benefit option.
The reason it is called "assurance" and not "insurance" is because assurance is for something that will certainly happen, whereas with insurance there is only a risk of anything happening. And we all know that death is certain to happen.
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What does Mortgage Life Assurance cost?
The cost for Mortgage Life Assurance will depend on your circumstances.
The bigger your mortgage, the bigger your policy will be, so the more you may need to pay. The factors that influence your costs are your age, health, sex and if you smoke or not.
You will find that policies also take into account your occupation and your participation in risky sports.
Mortgage Life Assurance is there to pay the remainder of your mortgage when you die or as mentioned if you choose the option, suffer a critical illness.
Check also that your monthly premiums are guaranteed ie; never change or are reviewable ie; non-guaranteed premiums.
If you own the property jointly with a partner, then it may make sense to get quotes for separate policies as well as joint, as sometimes you may find that the one will be cheaper than the other.
And if it's a joint Mortgage Life Assurance policy, it needs to pay out on the first death.
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