Life / Mortgage insurance
"Getting the right insurance is like packing the right clothes for a holiday. You don't want too much or too little, you just need to be prepared for what might happen."
Life insurance, also known as life cover or death cover, is a policy that pays out a lump sum of money to your loved ones if you die or become seriously ill.
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Mortgage payment insurance is a form of life cover designed to pay off your mortgage should the worst happen, thereby freeing your dependant(s) from the debt. This usually works out to be very economical as the payout figure decreases with the mortgage.
What does it do?
Purpose Life cover can help your family maintain their standard of living and pay bills if you pass away. The money can be used for funeral costs, mortgage payments, debts, or living expenses.
How it works You pay a monthly premium or lump sum to your insurer. You can choose the amount of cover you need, how long you need it for, and whether you want a single or joint policy.
Things to think about
Eligibility To be eligible for life insurance in the UK, you must be at least 18 years old and a UK resident.
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Cost The cost of your policy depends on several factors, including your age, lifestyle, health, family medical history, occupation, smoking status, and the length and amount of cover.
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What to consider You should check if your employer offers "death in service benefits" as part of your employee package. You might not need an extra life insurance policy if your employer's benefits are sufficient, but you won't be covered if you leave your job.