Protect your mortgage - Mortgage Life Insurance
What is Mortgage Life Insurance?
Mortgage Life Insurance is designed to pay a lump sum that could help to pay off a mortgage if you die during the term of the policy.
Mortgage Decreasing Term Assurance is a mortgage life insurance product where the lump sum amount decreases roughly in line with your outstanding repayment mortgage.
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
- It is designed to help pay off your mortgage should you die during the term of the policy
- The amount you pay could start from as little as £6 per month, dependent on your circumstances and needs
- Your payments stay the same throughout the term of your policy and can be paid monthly or annually
- You choose how much life insurance you buy. This is usually enough to cover a loan or mortgage.
- You choose the length of the term ? from 5 to 40 years although the plan must end before your 80th birthday
- Terminal illness cover ensures that your policy will pay out the lump sum if you are diagnosed with a terminal illness, rather than when you die
- You can get an immediate quote, and apply online, now
- Free cover between exchange of contracts and completion of your mortgage
Risks you should consider
- It is very important that you provide all the information that we ask for, and that it is accurate. It's best to provide too much information than not provide something that could affect your policy. Failure to mention something, like a medical condition for example, could mean that a claim would not be paid.
- Life insurance is not an investment product. It will have no cash-in value at any time. Also, if you stop paying the premiums before the end of your policy your cover will end 30 days after your missed premium payment.
- If your mortgage interest averages over 10% during the policy term, there may not be enough to pay your mortgage off in full.
- Terminal illness cover does not apply in the last 18 months of a policy term.
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.
Mortgage Decreasing Term Assurance Key Features document (PDF 67KB), provided by Legal & General.
