Mortgage Protection Life Insurance

What is Mortgage Protection Life Insurance?

Mortgage Protection or Decreasing Term life insurance is a policy where your cover amount goes down or ‘decreases’ over time. This means that the monthly premium is lower than that of a level cover policy.

This type of policy is primarily used to cover those individuals with a repayment mortgage.

If you don’t die before the mortgage protection policy ends and you want to stay covered, you will need to take out another life insurance policy.

Why should I choose Mortgage Protection Life Insurance?

A Mortgage Protection policy does what it says on the tin – it simply provides financial cover for your mortgage in the event that you pass away before you finish paying it off. This means that your loved ones won’t be left reeling in the wake of trying to continue paying the mortgage off and instead have peace of mind that the mortgage is taken care of.

Mortgage Protection policies tend to be cheaper than Level Term and are suitable for those looking to cover their mortgages. This ensures that the agreement with the mortgage lender is settled, meaning your family don’t have to worry about paying the mortgage themselves.

What are the benefits of Mortgage Protection cover?

Sometimes decreasing term policies are used by those who don’t have a mortgage but want to still provide some financial aid for their families if they were to pass away during the policy.


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Are there any considerations with a Decreasing Term policy?

A Decreasing Term policy isn’t particularly suitable for those with an interest-only repayment mortgage, due to the capital debt being repaid when the mortgage term comes to an end.

A level term policy may be more suitable if you’re looking to cover more than the costs of your mortgage and means you could leave a lump sum for your loved ones.

Decreasing term policies do not cover you for life – if you don’t want to limit the period of time which you’re covered for, a whole of life policy might be worth looking into.

You can purchase a decreasing term policy for yourself or for you and a partner – known as a single or joint policy respectively. A consideration with a joint decreasing term policy is that when either of the two holders of the policy die, the other person will not be covered by the joint policy any longer and will require a new policy to make sure they’re protected. Bearing this in mind, it may be more beneficial to set up two single decreasing term policies – ensuring that no matter what happens, both partners are protected.

What affects the cost of a Decreasing Term policy?

As with all life insurance policies, your health, age and lifestyle will influence your monthly premiums and how much an insurer is willing to cover you for. Factors like smoking, height and weight, a history of illnesses and more will contribute towards how big a risk you are to an insurer. Another factor that’s often not thought about by people applying for life insurance is how your occupation can affect your cover – if you’re someone who works at great heights every day, you’re going to be deemed ‘riskier’ than someone who has an office job.


How do I get Decreasing Term Life Insurance?

You can call us directly at 0330 1355914 or request a callback and we will call you asap.


Level Term Life Insurance

What is Level Term Life Insurance?

Level Term life insurance is a policy where your cover amount doesn’t change and stays ‘level’ throughout the duration that you have the policy. This means that your premiums are fixed – the price you pay doesn’t increase or decrease as the policy progresses.

If you don’t die before the level term policy ends and you want to stay covered, you will need to take out another life insurance policy, however this will be based on your age, health and lifestyle at that time.

Why should I choose Level Term Life Insurance?

A Level Term policy might be suitable for you if you’re looking to protect more than just your mortgage. Level term policies tend to be more expensive versus a decreasing term policy, which is used primarily to pay off a mortgage, however the sum assured does not decrease and can be a suitable way to pay off debts, as well as providing a lump sum to your loved ones.

For example, if you chose a level term policy when you first took out a mortgage and were to pass away having paid off only half it, the remainder of the mortgage would be covered by the policy and the rest of the money could be distributed between your dependants.

What are the benefits of Level Term cover?

As the policy remains level throughout, this means that the sum assured doesn’t change and neither do the premiums. This means you’ll always be paying the same amount for your life insurance cover, and it won’t decrease or increase as time goes on.

A level term policy could be a suitable choice if you wish to leave a lump sum to your loved ones. Your family doesn’t need to be subjected to a hefty inheritance tax on the pay-out as we offer a free Trust arrangement service.

Are there any considerations with a Level Term policy?

A Level Term policy might actually give you more cover than you need – you may think you’re doing your family a favour by getting life insurance cover for hundreds of thousands of pounds, but all this does is drive up your monthly premiums which may result in your cover lapsing if you can’t afford to keep up the payments.

A decreasing term policy may be more suitable if you’re looking to only cover the costs of your mortgage and may work out to be more cost effective than a level term policy. A decreasing term policy is only suitable for repayment mortgages and not interest-only mortgages.

Level term policies do not cover you for life – if you don’t want to limit the period of time which you’re covered for, a whole of life policy might be worth looking into.

You can purchase a level term policy for yourself or for you and a partner – known as a single or joint policy respectively. A consideration with a joint level term policy is that when either of the two holders of the policy die, the other person will not be covered by the joint policy any longer and will require a new policy to make sure they’re protected.

Bearing this in mind, it may be more beneficial to set up two single level term policies – ensuring that no matter what happens, both partners are protected. In some cases we can set up joint policies that pay-out once the second person dies. If this is something you’re interested in, we can help set this up for you.

What affects the cost of a Level Term policy?

As with all life insurance policies, your health and lifestyle will influence your monthly premiums and how much an insurer is willing to cover you for. Factors like smoking, height and weight, a history of illnesses and more will contribute towards how big a risk you are to an insurer. Another factor that’s often not thought about by people applying for life insurance is how your occupation can affect your cover – if you’re someone who works at great heights every day, you’re going to be deemed ‘riskier’ than someone who has an office job.


How do I get Level Term Life Insurance?

You can call us directly at 0330 1355914 or request a callback and we’ll give you a ring at a time that suits you.


Joint Life Insurance Cover

What is Joint Life Insurance Cover?

Joint Cover describes one policy which is taken out in the names of two people, usually a married, civilly married or cohabiting couple. Joint cover life insurance can be chosen as a feature on any standard life insurance policy (excluding over 50’s plans), but is commonly taken out with mortgage protection life insurance.

Why should I choose a Joint Life Insurance Policy?

If you’ve a mortgage and live with your partner, a mortgage protection policy is usually what’s required by your mortgage provider. This policy will most likely be a joint policy, meaning that it applies to both of you and will pay-out when one of you passes away. This will make sure you or your partner aren’t left struggling to cover mortgage repayments, as the joint mortgage protection policy pay-out will take care of it.


Life insurance is something we all hope you will never use but can provide real peace of mind for your love ones

What are the benefits of Joint Life Insurance Cover?

Both you and your partner are covered under one policy, which usually means a joint policy works out cheaper than two single policies. No matter which of you passes away, your home is protected.

Are there any considerations with a Joint Life Insurance policy?

Many people will opt for a joint policy rather than two singles, however once the joint policy has paid out, it won’t pay out again when the second policy holder dies, as the joint cover will cease on the initial pay-out. This means that when you or your partner pass away, the other is then not protected and if they want a lump sum to be available after their death, they would need another policy in place to cover this.

After this policy has been claimed, the cover ends, at which point getting a single policy for the remaining partner could prove more difficult because they are older and may be in poorer health. Because of this, while it is cheaper to opt for a joint cover policy, it’s worth considering whether two single policies would be more suitable for your needs.

Whilst it’s more expensive to have two single policies, this may work out more cost-effective in the long-run, as both parties are covered under separate policies.

What affects the cost of a Joint Life Insurance Policy?

As with all life insurance policies, your health and lifestyle will influence your monthly premiums and how much an insurer is willing to cover you for. Factors like smoking, height and weight, a history of illnesses and more will contribute towards how big a risk you are to an insurer.

Another factor that’s often not thought about by people applying for life insurance is how your occupation can affect your cover – if you’re someone who works at great heights every day, you’re going to be deemed ‘riskier’ than someone who has an office job.


How do I get a Joint Life Insurance Policy?

You can call us directly at 0330 1355914 or request a callback and we’ll give you a ring at a time that suits you.


Whole of Life Insurance

What is Whole of Life Insurance?

Whole of Life Insurance is a policy where you’re guaranteed a pay-out from the insurer whenever you die, because the policy has no expiration date. As long as you pay your monthly premiums, you can relax knowing that there is enough money aside to cover whatever you may leave undone.

Why should I choose Whole of Life Insurance?

Because Whole of Life Insurance has no expiration date, you’re guaranteed a pay-out. This might be suitable if you want to make sure you’re covered no matter what.

Whole of Life cover can be expensive when compared to level term or mortgage protection life insurance because a claim is inevitable.

Whole of Life policies can be taken out by anyone at any age, however if you’re older with no mortgage and no dependants you could use whole of life to leave an inheritance or to cover the costs of your funeral.

What are the benefits of Whole of Life cover?

The guaranteed pay-out you’ll receive is a definite benefit for a whole of life policy, as well as the peace of mind you’ll receive knowing that your family will receive a lump sum when you die.

Are there any considerations with a Whole of Life policy?

It’s important that you spend the time fully understanding the terms and conditions laid out in a whole of life policy so there are no nasty surprises or shocks down the line. Whole of life insurance can have different terms and conditions based on the insurer offering the policy.

Because of the inevitable claim on the policy, whole of life cover is also more expensive than other life insurance options. Make sure you can afford the premiums – you could be paying late into your life, so budgeting this properly is recommended. Most insurers offer policies where you will pay up until 85-90 years of age.


How do I get Whole of Life Insurance?

You can call us directly at 0330 1355914 or request a callback and we’ll give you a ring at a time that suits you.