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Mortgage & Equity Release - Call Us 0117 403 4474

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Life Cover For Mortgage

Looking for Life Cover for your Mortgage?

We have access to all the major life insurers and can get low cost cover for your mortgage

Fair Mortgages can provide you with a first class life cover service. 

Special features of what we offer include:

  • Whole of market service - we cover all the major UK Life Insurers

  • Great Rates - Access to leading market rates

  • Fast turnaround - call us if you need to move fast!

  • Existing health conditions? - If you have a pre existing medical condition we have insurers on our pannel who will consider your application.

To investigate your mortgage life cover options call our specialist team on 0117 403 4474 or fill in our call back form. 

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support".

As your mortgage is such an important transaction, good advice is imperative.

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Our independent mortgage broker service provides: 

  • FREE initial mortgage consultation

  • Access to exclusive mortgage deals not available on the high street

  • A dedicated mortgage adviser and case handler 

Life cover for mortgage

Life Cover For Mortgages or ‘mortgage life insurance’ is a kind of insurance designed to help a mortgage borrower’s partner and  any dependents continue to be able to pay any mortgage repayments, if the borrower was to die before they finished paying off their mortgage.

Some types of mortgage life insurance include:

  • Decreasing term mortgage life insurance: The most common type of mortgage life insurance is called ‘decreasing term. This option works in a way that the amount an insurer would pay out reduces in line with the decrease in size of mortgage debt over time. As such this type of mortgage may not be suitable for interest-only borrowers as the capital they owe remains the same until the end of the mortgage term.

  • Level term mortgage life insurance: With this type of mortgage life insurance the sum a lender would payout remains the same for the entire duration of the policy’s term, making this kind of insurance more suitable for those who have interest-only mortgages. It also leaves the possibility of there being additional capital leftover that could help the policy holder’s spouse and or dependents pay for any other expenses. The premiums with this type of insurance tend to be higher than with decreasing term mortgage life insurance.

Optional extras with mortgage life insurance:

If you decide to take out a mortgage life insurance policy you may be able to add optional extras to the policy to cover other eventualities.

A combined life Insurance and critical illness policy means that in addition to paying out if you were to die, if you fell ill with an illness covered by your specific policy and were unable to work then your policy may also pay out.

The conditions covered may vary by provider so it is worth reading each policy thoroughly so you understand exactly what it includes. These policies will  only pay out once, so if the policy holders receive a payment due to illness it will not payout again for their death.

Another extra that may be offered along with life insurance is a ‘waiver of premium’ which if an individual wishes to take out it must be added at the start of the policy. It means that if the policy is unable to pay the cover’s premiums because they cannot work due to an illness or injury, the insurer will still provide cover, they will however usually need to maintain their premiums for a deferred period from when they were unable to work.

Is mortgage life insurance a requirement?

Lenders do not usually make it mandatory for a borrower to take out life insurance to cover a mortgage. Therefore an individual with no dependents, who may struggle to meet the mortgage repayments if the policy holder were to die, may therefore deem mortgage life insurance unnecessary.

However, they might still wish to consider taking out cover in case of illness that meant they would struggle to keep up with their payments; it can sometimes be cheaper to combine critical illness cover with a life insurance policy.

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Call 0117 403 4474 or Request Callback for our Life Cover Service

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