Mortgage Life Assurance is a policy that will decrease in value over a period of time, in-line with your mortgage balance. If you have this cover and if you die during the policy term then the cover will help to provide for your loved ones by paying out a lump-sum to help pay for the outstanding mortgage balance.
This type of policy is commonly used to protect a capital and interest repayment mortgage where the outstanding balance reduces each year, so the sum assured decreases over the term of the policy. It is sometimes referred to as Decreasing Term Assurance.
Benefits of Mortgage Life Assurance
- This cover will provide for the repayment of your outstanding mortgage balance to help secure your family's home and future.
- You can arrange cover on a single or joint basis with your partner.
- You have the additional option to select Critical Illness Cover or Waiver of Premium.
This service is provided and administered by Direct Life and Pension Services Ltd (DLPS), who are authorised and regulated by the Financial Services Authority.