Answered by Andrew Jenkinson
Firstly, mortgage life cover is designed to repay your mortgage loan should you pass away within the policy term.
Decreasing term plans (where the amount of cover declines over time) are usually taken out to cover a repayment mortgage and level term plans (where the amount of cover is fixed over time) are usually taken out to cover an interest only loan.
With joint mortgage life insurance the policy is written on joint names/lives. This means that if either partner named on the plan were to pass away within the policy term the plan would payout. This type of cover is therefore very popular with couples taking out a joint mortgage.
It is important to note that with joint life insurance the plan would only payout once upon the death of the first partner and then the policy would terminate.
For more information please see the page: Joint Mortgage Life Insurance – Guide
Frequently Asked Mortgage Protection Insurance Questions
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