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Since 2006 we have helped 342,313 people compare Protection Insurance quotes.
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Now’s the time to protect your loved ones - Prices have never been cheaper.

Let's help guide you through the options and find the best deal for your circumstances.

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Since 2006 we have helped 342,313 people compare Protection Insurance quotes.
We would love to do the same for you...

Mortgage life insurance may have rarely been more relevant than it is now

Mortgages have been in the news again in the UK lately, and generally not for the right reasons. While the accelerating economic turmoil has led to a lot of important factors being overlooked, one thing that certainly does have to be borne in mind, is the risk of more people struggling to keep up with their mortgage repayments, and perhaps even seeing their home repossessed as a result.

A recent report in the Express has suggested that a combination of spiralling house prices, perilously high inflation, crippling energy bills and higher interest rates, could spell serious trouble for those trying to pay off a mortgage.

With all that in mind, there might have scarcely been a better time to look seriously at taking out a life insurance policy than right now, especially if there are other members of your household who would find it difficult to keep on paying the mortgage on your property in the event of your death.

Introducing life insurance, and how it can help protect your mortgage

As with other forms of protection cover, life insurance is designed to help protect against the financial consequences of the worst happening to you and your loved ones.

Specifically, a life insurance policy can pay out a one-off tax-free lump sum to your surviving loved ones, in the event of you - the policyholder - passing away during the policy term. That money, in turn, could help with various costs that your surviving relatives might have, including any payments that still need to be made on your mortgage.

In fact, there’s such a thing as decreasing term life insurance, which can be an especially suitable life insurance policy to take out as ‘protection’ for a mortgage. The way it works is that the policy’s payout value goes down over time as more and more repayments are made on the mortgage. This means that if you were to die relatively early into the policy term, your loved ones would receive more money than they would in the event of you passing away towards the end of the policy term.

Decreasing term life insurance is also often cheaper to purchase than other types of life insurance policy, so it could be an attractive option for controlling your costs in the ‘here and now’.

Other types of life insurance are available, however, that could also be of relevance to those paying off a mortgage. They include level term life insurance, which involves both the cost of premiums and the payout value staying the same throughout the policy term, as well as whole life insurance, which - as its name indicates - provides permanent cover. But of course, whole life insurance is also typically more expensive than term cover.

Do I strictly have to have life insurance for my mortgage?

There’s no law that states anyone who takes out a mortgage must have a life insurance policy; however, it may be a condition laid down by some lenders. In any case, you might come to an independent decision that a life insurance policy would be a wise investment for you during pressured economic times like the present, at least for as long as you have a mortgage.

Would you like to learn more about the possibilities for life insurance, and receive a competitive quote tailored to your needs? If so, it couldn’t be easier to call our free no-obligation phone line here at QuoteLifeCover.com today, on 0800 316 6917.

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Get Insured within 20 Minutes

It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.

Calculate Your Cover

Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

Calculate your cover here

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Read What Our Customers Think of Us

Five Stars (4.9)

Great communication, help and guidance.

All my questions were answered, as I know little on how life cover, critical illness and terminal insurance policies work.

I was given good independent advise, so I could confidently make my choice on what was right for me.

- Denise

Clear, friendly, efficient and prompt service.

No nonsense, no jargon, just clear and informative guidance. Very quick with results which did not disappoint. Delighted with my deal which was a third cheaper than my own bank offered me and I didn’t do any of the legwork. More than happy to recommend.

- Ms Shannon

I found the customer service representative very polite and informative and helpful.

I wished some information on life insurance for a mortgage I have applied for.

All in all the process was very useful and informative and the representative was very helpful and polite. I would recommend this online service to anyone who is looking for life cover.

- Mrs Severn

Very good professional service.

I was impressed by the quality of service by the advisor who dealt with my request. He has carefully listened to my requirements, asked a few relevant questions and has provided me with the option which suited my needs in the best possible way. I have really admired his flexible approach and fantastic customer skills.

- Mrs Cookson

Professional and no-nonsense approach.

Very thorough yet friendly service. Good contact and information one can understand.

- Heather Cronley

A professional customer centric company with the client at the heart of the transaction.

The advisor put me at the heart of the transaction, was professional, gave realistic opinions and suggestions offering me choices in clear terms which I understood.

- Andrew Hughes

Outstanding service and knowledgeable customer service rep.

I received a call as promised in my email. Marie Bedding was very knowledgeable in her subject matter, she took some basic details and was very polite and courteous in her manner.

Marie was very sensitive when discussing personal circumstances and listened carefully and showed compassion to my details. Marie then said ‘leave it with me and ill get back to you’, within 20 minutes Marie was back on the phone with the quotes as promised and gave me a selection of options to chose from.

Marie did not pressure me with the ‘Hard Sell’, I needed time to discuss the options with my partner, Marie kindly emailed me all the details and left it in my hands to contact her once I had made a decision and if I would like to go ahead with the policy.

I cannot fault this service and the professionalism I received.

- N Marsden

Excellent Service.

Great service, easy to understand terminology. Everything explained and documented by adviser. Thank you.

- Glenda

The quotation service is provided by an FCA-authorised insurance specialist

Promoted Premiums for 35 year old male (non-smoker) on a 25 year term - September 2022*
Life Insurance: £5/month = £65,371 sum insured
Critical Illness Cover: £10/month = £27,546 sum insured
Combined Life & Critical Illness Cover: £10/month = £25,230 sum insured

 

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