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Compare Mortgage Protection Insurance quotes from these insurers & more

insurers

Compare Mortgage Protection Insurance quotes from these insurers & more

Since 2006 we have helped 310,752 people compare protection quotes.
We would love to do the same for you...

What type of cover are you looking for?

1. Mortgage Protection Insurance with Life Cover

This provides monthly tax-free payments to cover your mortgage in the event that you cannot work due to long-term sickness or disability, or a lump-sum payment in the event of death. More info

Mortgage Protection with Life Insurance protects families from financial hardship by paying out a one-off lump-sum if the policyholder dies during the term of the policy. The money can be used to pay off an outstanding mortgage, or other debts.

Premiums are paid monthly and the cover is set for the same duration as the current mortgage. A Decreasing Term Life Insurance policy is mainly used for a repayment mortgage where the sum insured reduces in line with the outstanding mortgage. A Level Term policy can be used for a repayment mortgage or an interest-only mortgage, where the sum insured remains the same as the outstanding mortgage debt.

The cost of the insurance is affected by various factors including the sum to be insured, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits.

Insurers historically pay 99% of all life insurance claims - when they don’t pay out, it is usually because the policyholder was not truthful on their initial application about an existing health condition or a regular dangerous pursuit which led to their death. All insurers cover Covid-19 Coronavirus.

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2. Mortgage Protection Insurance Only

This provides monthly tax-free payments to cover your mortgage in the event that you cannot work due to long-term sickness or disability. (Redundancy not covered). More info

Mortgage Protection Insurance is a type of insurance that pays a sum of money every month to cover your mortgage and possibly other household expenses in the event that you are unable to work due to sickness or injury.

Premiums are paid monthly and the cover is set to pay-out for a period of time, either short term (1-5 years) or up to the age of retirement. The amount that the mortgage protection policy will pay out every month is limited to 65% of your monthly salary or income.

The cost of the insurance is affected by various factors including the monthly sum insured, salary, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits.

A good way to reduce the cost of the premiums is to defer when the policy pays out after a claim is registered. It is worth considering whether your employer offers any sickness benefits or whether you have any savings to extend the deferment period.

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3. Mortgage Life Insurance

This provides a one-off lump-sum payment to settle your remaining mortgage balance in the event of your death. More info

Mortgage Life Insurance protects families from financial hardship by paying out a one-off lump-sum if the policyholder dies during the term of the policy. The money can be used to pay off an outstanding mortgage, or other debts.

Premiums are paid monthly and the cover is set for the same duration as the current mortgage. A Decreasing Term Life Insurance policy is mainly used for a repayment mortgage where the sum insured reduces in line with the outstanding mortgage. A Level Term policy can be used for a repayment mortgage or an interest-only mortgage, where the sum insured remains the same as the outstanding mortgage debt.

The cost of the insurance is affected by various factors including the sum to be insured, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits.

Insurers historically pay 99% of all life insurance claims - when they don’t pay out, it is usually because the policyholder was not truthful on their initial application about an existing health condition or a regular dangerous pursuit which led to their death. All insurers cover Covid-19 Coronavirus.

> Select

Can't decide?

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> Call 0800 316 6917*

* The telephone service is provided in partnership with LifeSearch Ltd

About Mortgage Protection

What is Mortgage Protection Insurance?

Mortgage Protection Insurance is essentially a generic term for two different types of insurance which can be used to pay your mortgage in the event of a claim.

  • Term Life Insurance
    The first and most common is Life Insurance which pays a lump-sum in the event of the policyholder’s death during the term of the policy and this payment is designed to pay off the outstanding mortgage.
    A more comprehensive option would be to add a separate Critical Illness Policy, which pays a lump-sum in the event of a serious illness like cancer or heart attack, or permanent disability.
  • Income Protection Insurance
    The second type of insurance is Income Protection, which pays out monthly if you are unable to work due to long-term sickness or disability until you can return to work or reach retirement. The money received from a claim can be used to pay the mortgage and other household bills.
    Of course, taking out both a Life and an Income Protection Policy will provide greater levels of protection.

How much Mortgage Protection Cover do I need?

For Mortgage Life Insurance, the amount of cover is generally linked to the value of the outstanding mortgage. For a repayment mortgage where the value of the loan declines over time, a Decreasing Term Life Insurance policy is the cheapest option. A Level Term Life Insurance is best for an interest-free mortgage.

For Income Protection Insurance, the amount of cover is normally linked to 65% of the policyholder’s annual salary or income, less any state or employee benefits.

As a broad rule of thumb, £10 per month will provide for £100,000 worth of life cover, which is slightly less than the average sum insured amount quoted for in the UK.

What affects the cost of Mortgage Insurance?

There are several factors that influence the cost of mortgage protection insurance including:

  • the value of the mortgage
  • annual income
  • existing health conditions
  • lifestyle issues like smoking and weight/BMI
  • age of the policyholder(s)
  • occupation especially if it requires manual work
  • level, increasing or decreasing term ie does the sum insured amount stay the same, increase with inflation, or decrease in line with the outstanding value of a mortgage
  • length of the policy (typically 25 years)

Clearly some of these factors can be varied to change the cost, and some are fixed.

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Top Tip for Mortgage Protection Insurance

Because protection policies typically only allow for one claim, it is good practice to take out a separate policy for each type of protection rather than a combined policy.

It may end up a little bit more expensive, but it provides much better protection. There are plenty of instances where people have taken out an income protection policy, made a claim, and then get refused when they applied for a life policy because the new pre-existing health condition is deemed too high risk.

The quotation service is provided by an FCA-authorised insurance specialist

Why use BritishLife?

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Real people to talk to!!!

I was really impressed with Quotelifecover; they were quick, immensely helpful and incredibly personable, which hardly ever happens these days. Definitely worth a pop.

Zoe Nichols - 2020

How much does Mortgage Protection cost?

The cost of your monthly premiums will depend on your age, health, lifestyle, occupation, whether you smoke, the amount of cover you take out and the length of the fixed term.

* A majority of customers who went on to purchase achieved a quote based on the figures above for level term, life-only (without critical illness cover) single person policies. BritishLife data May 2019 to April 2020.

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Life Insurance *

Age Avg premium
18-24 £10.80 /month
25-34 £12.46 /month
35-44 £21.47 /month
45-54 £27.12 /month
55-64 £35.68 /month
65+ £53.72 /month

About Us

BritishLife is an independent business looking to do big things - like get more British families protected financially should the worst things happen.

We offer our customers access to some of the very best quotes, guidance and advice on protection insurance through a number of carefully selected partnerships with some of the best specialist firms in the UK.

They provide competitive rates from a wide range of insurers but critically they understand the importance of value over simply price - getting the right advice can save you a lot of money.

Since 2006 we have helped over 300,000 families compare protection quotes, and we would love to do the same for you.

Best wishes
The BritishLife Team