What is Mortgage Life Insurance?

Mortgage Life insurance is cover that is designed to pay off a Repayment mortgage if you die or become terminally ill*.

The important thing to understand about Mortgage Life Insurance is that it covers you for a decreasing amount, in line with a repayment mortgage.

If you have a repayment mortgage, the amount of cover you need decreases. As your mortgage repayments gradually pay off the capital sum outstanding to your mortgage lender, so your insurance cover can decrease too. This is exactly what Mortgage Life Insurance does.

Mortgage Life Insurance provides that kind of decreasing level cover.

* Please note that most Mortgage Life Insurance policies include terminal illness cover at no extra cost.

Please note : The information contained within the FAQ section has been written by Mortgage Protected Online

Related questions:

Why would I want Mortgage Life Insurance?

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