Mortgage Life Insurance
A straightforward way to protect your home and family.
Mortgage life insurance is designed to pay off your mortgage if you pass away during the policy term. It helps your family stay in the home without taking on the full remaining balance.
How it works
The most common option is a decreasing term policy. As your mortgage balance reduces over time, the potential payout reduces as well. Because the risk to the insurer falls, premiums are usually lower than level term policies.
Who it suits
- Homeowners with a repayment mortgage.
- Families who want to keep monthly costs affordable.
- Anyone who wants cover that mirrors their mortgage balance.
Key points to consider
- Match the policy term to your mortgage term.
- Check the definition of payout and exclusions.
- Consider joint vs single cover for couples.
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