Understanding Mortgage Life Insurance

life insurance for mortgage

Ever sat at home dreaming of your perfect day spent on the web, searching for Mortgage Life Insurance? No. Well, that’s not much of a surprise is it. The words ‘mortgage’ and ‘insurance’ rarely excite anyone. 

But you do need it.

You need to understand it, you need to evaluate how much you need… but you also need to find your partner a birthday present and take the rubbish out. We understand that life is busy and hectic, so we’ve compiled a quick list and explanation of Mortgage Life Insurance.

At a read of just over 3 minutes long, you can take away a good understanding of what Mortgage Life Insurance is really about.

So here are the gritty details of Mortgage Life Insurance, deep breathe now…

  • Mortgage Life Insurance is NOT the same as Mortgage Payment Protection Insurance*
  • The policy could be used to pay your mortgage off after your death
  • If you have a joint policy, the insurance will only pay out once (after the first death)
  • Some lenders will insist that you have this insurance
  • The policy lasts for the amount of time that you decide on
  • The amount of money that will be paid out will always stay the same as your mortgage – as the mortgage decreases, so does the money that would be paid
  • The money will always be paid out to the mortgage lender or the next of kin for the purpose of paying off the mortgage
  • The cost of mortgage life insurance is not fixed and will depend on a number of factors
  • Each policy is specifically designed for each client – when you use Active Brokers we help tailor the policy for you.

… and breathe.

So basically, this is the policy that protects your place for those that will need it once you’ve passed away.

Why Do I Need Mortgage Life Insurance?

That time you dropped the best china, the room where you’ve laughed so many times with friends, the table where you shared that romantic meal, the bedroom, the kitchen, the bathroom that cost you a fortune to renovate – all of these memories and familiar places are part of what makes a home a home. Don’t you want to protect them and make sure they’re always here for your loved ones?

This policy will protect that place of memories and safety for your family when you’re no longer here to pay the mortgage for them.

Understanding Mortgage Life Insurance

Understanding Mortgage Life Insurance

Active Brokers have seen many homes over the years, from mansions to bungalows, from riverside cottages to urban penthouses. From Orkney to Penzance, Active Brokers have found mortgage Life Insurance for houses all over the UK.

To talk this through more (and to get an expert to find the policy for you) you need only give Active Brokers a ring. Click HERE to get a quote and take 5 to 10 minutes of your time to protect your family for a long time to come.

*Mortgage Payment Protection Insurance is a type of cover that will carry on making your mortgage payments in the event of a non-fatal loss of income.


Leave a Comment:

Svetlana says July 21, 2013

I do have mortgage innsrauce although I hear that can be hard to collect on in a lot of cases. I also have a minimal amount through work ($25,000) but somehow I don’t think that’s enough if someone else was ever to have to raise him for me. I really need to get more.

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