As the name suggests this is life insurance specifically designed to repay your mortgage on death. In fact more specifically it is life insurance designed to repay a repayment mortgage on death.
As with a repayment mortgage the amount of insurance you are covered for reduces over the period of your policy. The idea is that there will always be a sufficient amount of insurance cover to pay off your repayment mortgage, providing you have kept up your payments.
You can build in critical illness cover to your mortgage protection policy too.
If you would like to assess your mortgage life insurance needs please get in touch on 020 3355 4841 or email us.
Life insurance plans typically have no cash in value and will cease at the end of the term. If premiums are not maintained then cover will lapse.