We've collated our customers' most common questions in a handy list below. If you don't find the answer you're looking for, give us a call FREE on 0800 458 3050.
Do I need life insurance for a mortgage?
Some mortgage providers insist on you taking out life insurance, some don't. However, it makes sense to have some financial protection in place when getting a mortgage, since your family might be unable to pay off the debt if you pass away unexpectedly.
How does mortgage life insurance work?
With mortgage life insurance you select a large payout amount that could be in line with the loan you want to cover at the beginning of the policy. You also agree how much your monthly payments will be and for how long you are covered (e.g. how long until your mortgage is paid off). Over the duration of the policy the benefit amount will decrease. If you pass away at any stage during this term your beneficiaries will receive that benefit amount.
Is mortgage life insurance just for mortgages?
No, this type of life insurance is designed for anyone with any large financial commitments. This can include a mortgage but it can also include things like large loans.
Can I get mortgage life insurance if I have a life insurance policy?
Yes, you can have more than one life insurance policy, however some insurers may set individual limits on the amount of cover you can have. It is important to make sure you can afford the monthly payments for all your policies.
Does my life insurance cover my mortgage?
It depends how much your payout amount is. If it exceeds the amount left on your mortgage, then it can cover your mortgage. This will depend on what you agree when you apply for your life insurance.
Choozi help you compare leading life insurance brands, so you can find the right cover for your family and save money. You can get a quote in minutes at Choozi.com or over the phone, without the hassle of shopping around. Want to talk through your options? No problem. You can call the Choozi experts for impartial help and guidance.
What is mortgage life insurance?
Mortgage life insurance helps to ensure your family can pay off the mortgage if you pass away unexpectedly, by paying out a cash lump sum. It's a great way to ensure your family home is protected.
Why mortgage life insurance?
If your main concern is to make sure your loved ones can pay off the mortgage if you unexpectedly pass away, mortgage life insurance could suit you, since they'll get a cash payout. It’s a great way to ensure your family home is protected, but it’s not just for mortgages; you can use it to cover other large loans or commitments too.
Who can get mortgage life insurance?
If you are a UK resident aged 18–65, you can apply for mortgage life insurance cover. In general, the younger you take out life insurance, the cheaper it is.