Insurance

Mortgage decreasing life insurance

Mortgage decreasing life insurance is a mortgage life insurance product where the lump sum amount decreases roughly in line with your outstanding repayment mortgage. If you have an interest only mortgage you should consider Level Term Life Insurance.

You must read and understand the Key Features document before you apply for life insurance as it outlines circumstances under which the policy would not pay out, as well as other terms and conditions.

Product summary

  • Mortgage decreasing life insurance is designed to help pay off your repayment mortgage ("Capital & Interest") should you die during the term of the policy.
  • It is not designed to pay off an interest only mortgage should you die during the term. You should consider Level Term Mortgage Life Insurance for interest only mortgages.
  • You could pay as little as £6 per month depending on your circumstances and needs
  • Payments are fixed throughout the term of the policy and can be paid monthly or annually
  • It is up to you how much cover you want.
  • You choose the length of the term - from 5 to 40 years although the plan must end before your 80th birthday
  • You benefit from Terminal Illness Cover during the term of the policy - if you are eligible to claim, your policy will pay out the lump sum if you are diagnosed with a terminal illness, rather than when you die
  • Your policy may not pay out if you stop paying premiums, in which case cover will end and you will not get any money back. There is no cash-in value to this policy.
  • Terminal Illness doesn't apply in the last 18 months of the policy or on policies of less than 2 years.
  • All applications are subject to underwriting and certain pre-existing medical conditions may be excluded from your cover
  • You can add Critical Illness Cover to your policy for an additional cost
  • You can get an immediate quote, and apply online, now.

More Information

Yorkshire Building Society introduces its customers to Legal & General for the purposes of advising on and arranging life assurance and investment products bearing Legal & General's name.


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