Payment Protection
Keeps loan repayments moving if illness, injury or redundancy stops your income.
Read more →Loan & Credit Protection
Mortgage Protection
Clears or covers the mortgage if you die, become critically ill or cannot work.
What this cover does
Mortgage protection is life cover arranged around a mortgage: the sum insured can decrease alongside the outstanding balance, or stay level so there is something left over. The important distinction is who gets paid — your family or the lender.
Typically included
- Lump sum on death, sized to the outstanding mortgage
- Decreasing term matching a repayment mortgage
- Level term for an interest-only mortgage
- Critical illness cover paying on diagnosis
- Income versions covering the monthly payment
Common add-ons
- Joint or dual single-life cover for couples
- Waiver of premium during incapacity
- Cover written in trust so it pays outside the estate
- Guaranteed insurability as the mortgage increases
Questions
What people ask about mortgage protection
Is this different from the lender’s own policy?
Usually yes. Lender-arranged cover is often payable to the lender and ends if you move. A policy you own pays your beneficiaries, who decide whether to clear the mortgage, and it moves with you.
Decreasing or level term?
Decreasing follows a repayment mortgage down and costs less. Level stays flat, suits interest-only, and leaves a surplus for the family on a repayment mortgage.
Often taken together
Related cover
GAP Insurance
Pays the shortfall between what the insurer settles and what you still owe.
Read more →Quote Mortgage Protection
Tell us what you already have and we will show you where this fits — or tell you plainly that you do not need it.