mortgage protection quote
Compare cheap mortgage protection quotes. Quick online search to find the mortgage protection quote to suit your needs from trusted UK insurance providers such as Aviva, Legal & General, AXA, Friends Life and more.
From only £5 per month
Mortgage Protection Key Facts
Mortgage protection is designed to repay your mortgage in the event of your death or serious illness.
Mortgage protection insurance is best described as a decreasing term insurance policy and as such the level of cover is adjusted as your mortgage is repayed over its term.
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You can contact an adviser by calling 0800 0029650 where an expert will talk you through your options.
*Price based on a non-smoking 32 year old male insured over 10 years for £85,000 of cover on a level term policy, postcode BH1 2EF. Prices correct on 19/04/12.
Summary of Insurance Products
Life insurance pays out a set amount of money upon the death of the insured. You can set a specific term for the cover to fit in with your requirements. For example, you may want an amount of life cover in place until your children have flown the nest.
Whole of Life Insurance
Whole life insurance or whole of life assurance is a life insurance policy that remains for the insurer’s whole life and in most cases requires premiums to be paid for the life of the policy. This type of cover is suitable for many situations from covering funeral expenses to ensuring any debts are repaid when you die.
Level Term Insurance
Level Term assurance also known as Level term life insurance is where the sum assured (the amount paid out on death) is guaranteed to be the same over a given period of years, the term. It is a specific life assurance policy that only pays out if the insured dies within the relevant term. This type of cover is typically used to protect an interest only mortgage or to provide peace of mind and a lump sum of cash for your loved ones.
Private Medical Insurance (Health Insurance)
Private medical insurance works in the same way as any other insurance – it’s based on managing the risk of unforeseen events. You pay your premium, either in instalments or in one lump sum, so that if you fall ill you’ll be able to receive any eligible medical treatment privately – avoiding any potential NHS waiting lists. Think of it as peace of mind.
Mortgage Protection Insurance
Mortgage protection insurance also known as decreasing term insurance pays out an amount of money in order to clear a repayment mortgage upon the death of the life insured. The level of cover is set at the outset as equal to the mortgage loan and then reduces each year in line with the reducing balance on the repayment mortgage. As the insurance cover decreases throughout the term, this type of insurance is cheaper than level term insurance.
Critical Illness Insurance
Critical illness insurance or critical illness cover is a very important type of insurance product. It is where an insurer is contracted to typically make a cash payment if the policy holder is diagnosed with one of the critical illness listed in the policy.
Critical illness insurance can be taken as a stand alone policy or added to a term life insurance policy, whole of life insurance policy or mortgage protection polocy to enhance the benefits.
Income Protection Insurance
Income protection, sometimes known as Permanent Health Insurance (PHI), pays a percentage of your salary if you are unable to work through sickness or accident. The regular tax free income provided by an income protection policy continues paying until your normal retirement date (or return to work, if sooner). As long as the premiums are maintained cover is guaranteed for the duration of the plan meaning you can claim as many times as required.
How to find the best insurance for You
To find the right Insurance for you ensure that you check as many insurance companies policies and shop around for the best price.
Each Life Insurance Company has different monthly premiums which will vary depending on your circumstances. You should always compare other insurers rather than just accept the initial insurance quote you receive, especially if it is in conjunction with a loan or mortgage and the quotation is being provided by the lender.
Our insurance price comparison will ensure you get the best plan at the most competitive price as we discount the premium by reducing the amount of commission normally payable by the insurance company. The easiest way to compare insurance quotes is to use our online comparison system.