What is the difference between life insurance and mortgage protection?

I am looking for some insurance to protect my mortgage and have seen insurers offering mortgage protection plans, is this the same as life insurance cover? I ideally want to cover death and illness.

Question asked by Sally Bishop
Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Level of Cover
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02084327333
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

Answered by Tom Conner

Mortgage protection insurance is often used as a general phrase to categorise the various types of mortgage insurances available in the market, one of which being life cover.

The main types of mortgage protection consist of the following:

Mortgage Life Insurance – This type of cover pays out a lump-sum to repay the loan in full should you pass away during the policy term. If taken out as a joint plan the policy would payout should either partner pass away.

Critical Illness Cover – This type of cover is often added to mortgage life insurance so that the plan can payout not only upon death but also if you were to suffer a serious illness or injury. Most plans specify around 35 conditions covered, including cancer, heart attack and stroke.

Mortgage Payment Protection – This plan provides a monthly benefit to cover your monthly repayments should you have to take time out of work due to accident, sickness or unemployment. Policies can usually payout for a maximum of 12 consecutive months.

If you were to combine all three plans this is sometimes referred to as ‘total mortgage protection’ as your loan would be covered for short- and long-term accident & sickness, short-term unemployment and death.

mortgage protection insurance
 
life insurance
 
critical illness insurance
 
payment protection
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Compare Top 10 UK Insurers
  Takes approx. 60 seconds
 - 
Need help? 
Call us on 

Frequently Asked Mortgage Protection Insurance Questions

 
I’m looking to take out a mortgage, but can I get one without getting Mortgage Protection Insurance?...
 
I am looking to take out mortgage life assurance with critical illness protection but I am not sure which...
 
Is there such a policy as interest-only mortgage life insurance? I am looking for life insurance to pay-off...
 
I am thinking of taking out joint life cover with my husband, does this plan payout twice or only once?...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Jayant Rampuria
06/10/2018

Oliver did an excellent job in making the right recommendations. He's been very patient in dealing with my request and helping me choose the right product. Well done and thanks very much!

James Mclauchlan
05/10/2018

Josh did a great job. Did all the legwork for me in getting the best quote and even handed it over to someone else whilst he was away, then finished the whole thing once he was back – impressed!

Raviteja Sajja
02/10/2018

Josh was very good at communicating about different options for Life insurance, advising us on right choice and benefits. I would strongly recommend Drewberry. Thank you Josh.

We are rated 4.9/5 based on 1742 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
1831 Reviews
A Lovell
Overall Rating
Extremely helpful and able to understand the various issues and constraint
D at Inforcehub
Overall Rating
Very knowledgeable and easy to deal with.
A Kanwal
Overall Rating
Bronja Whitlock was absolutely brilliant, as my mind isn’t in the right place at the moment due to the loss of my partner and I forgot who my insurers were or if I was covered. I therefore contacted her from an old email that I had from a few years just explaining my situation. I wasn’t expecting a response to be honest, but Bronja replied back the same day. She didn’t just reply with the most empathising response, but she also contacted the insurance company and told them of my situation and ordered my claim pack on my behalf, which I can’t appreciate enough. Bronja Whitlock you are an asset to your company. Thank you.
R Sajja
Overall Rating
Josh was very good at communicating about different options for Life insurance, advising us on right choice and benefits. I would strongly recommend Drewberry. Thank you Josh.
S G
Overall Rating
Rauri has been very professional and has responded promptly to any queries. Very friendly nature too