Mortgage Life Insurance

Protection for you and your family should the worst happen


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Don’t leave your loved ones struggling to keep their home

Mortgage life insurance is somewhat self-explanatory in that it is an insurance to help cover your mortgage should you pass away.

Without mortgage life insurance, you could be putting your loved ones at financial risk. That’s why tackling the issue of the inevitable is something you should do sooner, rather than later.

Why choose MortgageKey for Mortgage Life Insurance

We offer experienced and trusted advice

Our vastly experienced team can save you from searching through hundreds of life insurance policies and ensure nothing is overlooked

Our friendly and personable approach

We know that a personal touch is essential when making finance decisions so take the time to understand your needs

Support is tailored to meet your needs

We know there’s not a solution that fits all circumstances, so our advisors tailor their services to best meet your specific needs

We make everything clear to understand

Legal-jargon free advice to ensure you feel comfortable and understand what everything means

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Our team of specialists will guide you through the process of securing a mortgage, buying a home or taking out a loan – finding the very best deals for you and your family.

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Mortgage Life Insurance – Your Questions Answered

If you have a mortgage it is important to consider anyone whose financial circumstances and well-being will affected by your death because they are financially reliant on you. It is therefore important to plan accordingly and ensure you have considered you dependents.

If you die unexpectedly, those who you leave behind will suffer enough from such a loss, and you can take steps now to make sure they do not suffer from financial stresses too.

What kinds of Mortgage Life Insurance are available?

A Decreasing Term policy sees the payout sum reduce alongside the length and total mortgage debt. So, for instance, if you passed away in year one of a £200,000 mortgage, you’d inherit £200,000. Whereas, if you died halfway through your mortgage term, you’d only get £100,000. Therefore, this sort of policy usually has lower monthly premiums and obviously suits those with repayment mortgages.

Level term mortgage life insurance means that the payout sum stays fixed or ‘level’ throughout your mortgage term regardless of when you die. So, even if you die within the first or last year of your term, if your policy is £200,000, that’s what your dependants will receive. An obvious benefit to this is that they may receive more funds than the remainder of the mortgage, leaving additional funds to cover bills, living costs or to offset what your salary brought into the household. However, the result of this is higher monthly premiums.

Whole of Life Insurance is a policy which ensures a tax-free lump sum is paid out in the event of your death. The premiums are usually higher because a payout is inevitable. You don’t just pay monthly premiums for a term, you pay until your eventual death, meaning that you could be paying into your 80s or 90s. However, it whole of life insurance guarantees a fixed amount of cover because of the fixed premiums.

Which type of Life Insurance policy should you choose?

Whether your home is a one bedroomed flat or a 10-bedroomed mansion, your home is your castle. That’s why it’s important to get the right cover in place should something go wrong. Our dedicated team of mortgage brokers have the expertise and knowledge to understand individual circumstances and find you the right mortgage life insurance deal.

When should you take out Mortgage Life Insurance?

You will no doubt be advised to take out some sort of life insurance, when you first acquire a mortgage. It’s suggested that the sooner you take out a policy, the cheaper it will be, in terms of monthly premium. Then again, that is dependent on factors such as age and health. Insurers consider you less likely to make a claim the younger and healthier you are. It is also dependent on your situation in terms of immediate family, as you may not feel insurance is a viable option.

What’s not covered with Mortgage Life Insurance?

Life insurance will only pay out should you die. Therefore, other injuries or illnesses are not covered. For that you will need to look at critical illness insurance. Also, if you die to alcohol or drug related incidents, you are likely not to receive payment. The same applies if you have existing health policies when you take out the policy.

What our clients are saying

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