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Mortgage protection insurance

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What is mortgage protection insurance?

Mortgage protection insurance is a type of life insurance. If you become ill or die during the policy term, it pays off the rest of your loan. This means your family would be able keep their home and have one less thing to worry about.

Mortgage protection is also called decreasing term life insurance and decreasing life cover. It’s the same product.

How much mortgage protection
do I need?

Call us on 0161 216 7595 to speak to an adviser, or get a quote.

Do I need mortgage protection?

Buying a house is one of the biggest financial decisions you’ll make. When thinking about taking out mortgage protection, consider:
  • Your family and what would happen to your home if something bad happened to you. With insurance, they could pay off the rest of the mortgage and keep the house
  • Some mortgage providers will recommend you take out mortgage protection insurance
  • Should you become ill and not be able to work, would you struggle to pay off your mortgage repayments?
Family laughing at home

How does mortgage life insurance work?

Once you’ve bought a mortgage protection policy:
  • You’ll pay fixed premiums for a fixed period
  • As you pay off your mortgage, the amount of insurance cover you have decreases
  • If you become terminally ill or die during the policy term, the rest of your mortgage gets paid off. 
How does mortgage protection work? As you pay off your mortgage, the amount you need also decreases.

Why choose mortgage protection with Vitality?

✓ Cover you can rely on - Last year, 99.6% of life insurance claims were paid out1

✓ 5-star Defaqto rated cover

✓ Temporary cover before your mortgage starts - To help protect you between when you legally commit to buying a house and when your mortgage premiums begin

✓ Affordable cover - Get up to 30% off your first year’s premiums with Optimiser. You’ll have the ability to maintain this discount when you make healthy lifestyle choices

✓ Guaranteed Insurability Options - You have the ability to increase or extend your cover on up to three occasions – an extra helping hand if you need to apply for a new or increased mortgage

✓ Comprehensive cover in a matter of minutes - Our intelligent underwriting drastically reduces the time it takes for you to get protected, so you could be covered in a matter of minutes

✓ Tailored protection to suit you - Our aim is to provide protection that suits you and your family’s needs. Enhance your plan further with tailored options including Optional Serious Illness Cover for Children and Waiver on Incapacity.
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Get active. Get Apple Watch® Series 6.

Get the Apple Watch® Series 6 deal when you buy a qualifying mortgage protection plan with Vitality.

Minimum monthly premiums for the Apple Watch deal are £45 for single plans and £60 for joint plans.

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All it takes is a couple of minutes.

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How much cover do I need?

Call us on 01619742513 to speak to an adviser.

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Relevant guides and articles

  • Mortgage protection insurance

    Family standing outside their home

    Mortgage protection is a type of life insurance designed to pay off your mortgage.

    Mortgage protection explained

  • Term life insurance

    Father playing with his son on the floor

    Term life insurance gives you cover for a specific amount of time. You choose the term, and if you pass away or become ill during that term, your family receive a lump sum.

    Term life insurance explained

  • Life insurance for first time home owners

    A young couple standing outside a house with a sold sign

    If you've just bought your first property, life insurance could help keep your loved ones protected. Find out how life insurance works for first-time buyers, here.

    Life insurance for first time home owners explained

Mortgage protection insurance FAQs

Is mortgage protection the same as life insurance?

Mortgage protection insurance is a type of life insurance.
 
The key difference between the two comes down to the reasons you are taking out the cover.

For example, some may want to protect their family's finances if they die, and that's their priority. Others may want to make sure their family can keep their home if something bad were to happen. 

If you need advice on what type of cover you need, call us on 0161 974 2517 to speak to one of our financial advisers. 
 

What happens to my mortgage if I die?

If you die and your mortgage loan hasn't ended, the debt still needs settling. 

If you have insurance, this will pay out and pay off the outstanding amount. 

If you have whole of life insurance or term life insurance, your family will receive a tax-free lump sum. They can then use this money to pay off your mortgage should they want to keep the house.
 

Who is responsible for mortgage payments after death?

Existing debts, like your mortgage don’t disappear. When someone dies, the debt still needs to be paid off.

The executor of the estate usually pays this. Any savings are then passed on to the family or other named beneficiaries named in the will.

Do you have to have life insurance with a mortgage?

No, legally you do not have to take out life insurance to get a mortgage. Some mortgage providers will recommend you take out insurance when taking out your mortgage.
Source
1Claims and benefits report August 2021.