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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 sole or a joint mortgage life insurance
  • Mortgage Life Assurance benefits are currently paid out tax free on death 
  • To help avoid Inheritance Tax issues on death (if Mortgage has been repaid & policy still running for example) policy should be considered placing into trust
  • 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
  • Popular for people getting divorced wishing to protect their mortgage payments
  • 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 (where the Insurer waives/protects & covers your premiums after a deferred period of 4/8/13/26 weeks due to sickness or accident) so you do not have to pay them in claim
  • Can include Critical illness benefit cover

Mortgage Life Assurance Protection

The reason for the word "Decreasing" above is that [ assuming you do have a repayment mortgage ] as your mortgage debt decreases, so the potential mortgage life insurance 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 down.

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. 

Mortgage Life Assurance Advice

   What does Mortgage Life Insurance 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, and if you smoke or not. You will find that policies may 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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This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice. 
For protection we offer products based on a fair and personal analysis

By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis. ‘As with all insurance policies, conditions and exclusions will apply’

 For products with an investment element we will introduce you to an authorised adviser. We act as introducers for Accident, Sickness and Unemployment and Mortgage Payment Protection Insurance plans. We may also introduce you to other selected professional partners for other protection or legal products as deemed appropriate. Online Dispute Resolution (ODR) - Financial Ombudsman. We nominate to fundraise for Great Ormond Street Hospital Charity.

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Uk Life Insurance Quotes 2022
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