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Mortgage Protection / Decreasing Term

Do you have a mortgage which isn’t protected should the worst happen?
Could your family afford to keep up the monthly repayments if you were to die?


Mortgage Protection (also known as Decreasing Term) is a life insurance policy that is designed to pay out a lump sum that could be used to pay off your mortgage if you were to die or be diagnosed with a terminal illness.
It is cheaper than Level Term Life Insurance because the sum assured decreases in line with what is owed on the mortgage throughout its term, which specifically makes it ideal for covering repayment mortgages.

The lump sum pay-out would allow loved ones to completely pay off the mortgage, relieving them of the worry of how they will keep up the monthly repayments, leaving them with a home to live in without financial struggle. 

Decreasing Term Life Insurance will always cover the balance of a repayment mortgage, provided the mortgage interest rate doesn’t exceed 8%, and the term of the policy matches the term of the mortgage. 


Critical Illness Mortgage Protection


Critical Illness Cover can also be included within the policy. This means that there would be an equal pay-out if you were to ever be diagnosed with a specified critical Illness such as cancer, or have a heart attack or stroke.