Getting a mortgage is usually an exciting time. But before you get the keys to your new home, you should think about what might happen if you aren’t able to meet the repayments on your loan. Mortgage life insurance, also known as decreasing term life insurance can give you peace of mind if the unexpected happens. Get a free quote for a mortgage life insurance policy today and ensure that the repayments on your home are covered.
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Mortgage life insurance is typically taken out to cover a mortgage. In the event of your death, a policy like this will ensure that your loved ones don’t face the financial burden of struggling to meet mortgage repayments. It is also known as decreasing term life insurance because the amount covered decreases as the mortgage repayments decrease.
When you take out a new mortgage, your lender may attempt to sell you mortgage life cover. You are under no obligation to take this cover out and have the right to shop around for a better deal. We’ll help you to find that better deal. With our mortgage life insurance comparison engine, we will find you the right policy at the right price.
Get StartedWe wish we could put it another way, but everybody is going to die one day. If you are not around to support your family, how will they cope financially? Life insurance takes care of the important things like paying a mortgage off or paying a monthly income.
Contrary to what you might have been told, there is no legal requirement to take out a life insurance policy when you start a mortgage. However, it definitely makes financial sense to do so. A mortgage is likely to be the biggest financial commitment you leave behind and the last thing you want is for your family to struggle to meet repayments.
Most people take out mortgage life insurance to cover the duration of their mortgage term. In the event of their death, a lump sum will be paid to cover the remaining mortgage balance. Is mortgage term and decreasing term the same thing? Yes, both of these terms relate to mortgage life insurance and are often used interchangeably.