What type of life insurance do I need for a repayment mortgage?

I have a repayment mortgage and wanted to know the which type of life insurance policy I should consider to protect my family.

Question asked by Jenny Swan
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 Andrew Jenkinson

There are two main forms of mortgage life insurance.

What is decreasing life insurance?

Decreasing term life insurance has an amount of cover which declines over time, this is often taken out to protect a repayment mortgage as the level of cover declines as does the amount outstanding on your mortgage.

What is level life insurance?

The alternative is level term mortgage life insurance, where the level of cover you choose at the start of the plan is fixed for the whole term of the policy. Given the level of cover does not change this type of plan is often used for an interest only mortgage.

With an interest only mortgage your monthly payments are only covering the interest and thus your outstanding loan will remain the same, hence the need for a fixed amount of life cover.

level life insurance
 
decreasing life insurance
 
mortgage life insurance
 
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 researching payment protection to cover my mortgage and all the plans seem to have an excess period,...
 
I have been looking online for mortgage payment protection insurance and all the plans seem to have this...
 
I need life insurance for my mortgage but wasn’t sure what decreasing term life insurance means?...
 
I am looking for mortgage protection insurance that would pay off my mortgage in the event of death so...
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