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Frequently Asked Questions

Mortgage protection is a form of life insurance which pays off the outstanding balance on your mortgage should you die before the mortgage is fully repaid.

The cost of mortgage protection will depend on several factors such as the size of your mortgage, your age and health status, and whether you want single life or joint life cover. Smokers will also pay more for cover than non-smokers. Use our mortgage protection comparison service to find out the price of cover for you.

Mortgage lenders require that you take out mortgage protection or life insurance before they’ll allow you to draw down a mortgage. This is because they want assurance that the loan will be fully paid off in the unlikely event of your death during the term of the mortgage.

Life insurance pays out a lump sum should you die during the term of the policy. This sum remains constant and with indexation can increase each year to help keep up with inflation.

With mortgage protection, the lump sum decreases each year to broadly match the outstanding balance on your mortgage. This means it tends to be cheaper than life insurance.

Generally, mortgage protection is designed to pay off your mortgage if you die, not to provide a cash sum to your dependants. So you’ll usually need separate life insurance to provide a cash lump sum if you have a dependant family.

You can, if you want, use an existing life policy for mortgage protection by assigning it to your mortgage provider, so long as the amount you’re insured for is at least equal to the value of your mortgage and it runs for the same term. Should you die before the life insurance policy ends, the mortgage will be cleared and the balance paid to your dependants.

No. By law you’re under no obligation to buy mortgage protection from your bank. A bank can’t refuse you a mortgage if you decide to get mortgage protection elsewhere. You’re free to shop around and find the best value protection for you and we would highly recommend that you do.

If you decide to switch mortgage provider you don’t need to take out a new policy. You can simply reassign your existing policy to your new lender. Your premium and level of cover will remain the exact same as long as the amount you borrow and the term of your mortgage hasn’t changed.

There are a few ways you can save money on your insurance:

  1. Pay less for your insurance by switching to a cheaper provider.
  2. If you’re a smoker who’s looking for insurance, then look at quitting. Smokers pay higher insurance premiums than non-smokers, so as well as being good for your health, it’ll be good for your pocket!

Another option is to reduce the term of your cover and apply the conversion option to the policy. This will decrease your monthly premiums and give you the option to convert the policy at any stage within this term. You will be able to convert the policy up to your 90th birthday with some insurance companies

Convertible term cover, also referred to as a conversion option, allows you to extend the term of your cover at any point over the course of your policy without having to take a medical examination or answer any questions about your health, regardless of your age or health status. Convertible premiums are slightly more expensive than non-convertible premiums.

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