Mortgage Protection Life Insurance is often known as decreasing term assurance.
- Mortgage Protection Life Insurance covers you for a set term and pays out a lump sum if you die during the policy term.
- The benefits are reducing in line with a repayment mortgage
- The monthly premium stays the same throughout the term of the policy although the benefit decreases
- Mortgage Protection Life Insurance is cheaper than level term assurance
- Waiver of premium can be added to the policy
- Critical Illness cover can be added to the policy
- The policy is purely for protection only and has no cash-in value at any time
