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Mortgage life insurance is a type of insurance policy that is designed to cover the cost of your mortgage payments in the event that the worst should happen.

Your mortgage is a big commitment. Leaving your loved ones to face the risk of not being able to continue the mortgage payments is well worth protecting against.

The cost of a mortgage life insurance policy depends on several factors including your age, health, occupation and the cost of your mortgage repayments.

Mortgage life insurance gives you peace of mind that financial commitments you have – including your mortgage – are taken care of when you’re not around.

One of the most popular types of mortgage insurance is called ‘Mortgage Payment Protection Insurance’ or MPPI insurance. This type of policy is designed to cover the cost of your mortgage payments.

The three main types of mortgage life insurance cover are: mortgage life insurance, mortgage insurance with critical illness and whole of life mortgage insurance.

Mortgage life insurance covers people for a period of time and typically covers the cost of your mortgage payments. You could choose this to ensure your financial mortgage commitments can still be met.

Decreasing mortgage life insurance cover is a type of insurance that’s often (but not always) bought to clear a specified debt, mortgage repayment for example, that itself decreases over time. This type of cover is often taken out to cover mortgage repayment costs.

There are many other types of mortgage insurance to think about, including critical illness cover and whole of life mortgage insurance.

The level of mortgage cover that’s right for you will depend on your personal circumstances. There are many options including: mortgage life insurance, whole of life mortgage insurance, and joint mortgage policies.

1. Mortgage cover – this type of insurance covers the cost of your mortgage if you were to pass away.
2. Whole of life mortgage insurance – this type of insurance guarantees a pay-out as it covers a person for their whole life. If your health deteriorates then your premium won’t be affected. However, these policies tends to be more expensive than others.
3. Joint mortgage policies – these are often chosen by couples. You choose an amount of cover which is paid.

The right level of mortgage life insurance for you will depend on your personal circumstances. Typically, the more cover you take out, the higher your premium will be. However, if you underestimate how much money your family will need, then you could leave your loved ones short.

Some experts say that a mortgage cover sum equal to your monthly outgoings is a good starting point. Our easy-to-use mortgage life insurance calculator can help you work out how much cover you might need.

How are Mortgage Life Insurance policy premiums calculated?
The cost of your premium is based on the sum you’re looking to be covered for, the length of the policy, and whether or not you would like any add-ons such as critical illness cover. Each provider will have their own set of criteria that determines how your premiums will be calculated.

When you apply for mortgage life insurance, you’ll be asked a set of questions to help providers identify the risk they’re taking on – i.e. how likely it is that they’ll have to pay out. Expect to be asked your age, occupation, weight, and medical history, along with lifestyle factors such as how much you drink and whether or not you smoke.

That’s really up to you and will depend on your circumstances when you’re looking to buy mortgage life insurance cover. Paying annually can be a cheaper option as interest could be charged on monthly instalments – so you could save some cash if you can afford the up-front payment. Before deciding on any type of payment plan, you should work out whether or not you’re able to pay in a sufficient amount to cover the duration of your policy.

As an adult with a mortgage, it’s a good time to start thinking about mortgage life insurance. In particular people with loans and family dependents should consider getting a mortgage life insurance policy.

Although it’s common to get a new policy after a major life event – such as getting a mortgage or having a baby – it can be a good idea to buy mortgage life insurance sooner rather than later.

There you have it, there isn’t a better time than now to shop around for peace of mind. Start a quote for mortgage life insurance today.