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Mortgage Life Insurance from £7/month
36% of UK mortgage holders have no life insurance protection. The average UK mortgage is £289,723. Make sure your family can keep their home if the worst happens.
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Answer a few simple questions and compare mortgage life insurance quotes from every major UK insurer, no pressure, no obligation.
What Is Mortgage Life Insurance?
Mortgage life insurance is a type of term life insurance designed specifically to pay off your outstanding mortgage if you die during the policy term. It means your family can stay in their home without the financial burden of monthly mortgage repayments.
There are two main types of mortgage life insurance:
- Decreasing term, the payout reduces over time, roughly in line with your repayment mortgage balance. This is the most affordable option, starting from around £7/month.
- Level term, the payout stays the same throughout the policy. Costs more, but provides a surplus for your family and is essential for interest-only mortgages.
Mortgage life insurance is not a legal requirement in the UK, but most lenders strongly recommend it. If you have a partner, children, or anyone who depends on your income to keep a roof over their head, it should be a priority.
For a deeper dive into how mortgage life insurance works, policy options, and how to choose the right cover, see our comprehensive guide to life insurance for mortgages.
Decreasing vs Level Term: Which Is Right for Your Mortgage?
The right type depends on your mortgage. Repayment mortgage? Decreasing term is usually the smart choice. Interest-only? You need level term.
| Feature | Decreasing Term | Level Term |
|---|---|---|
| How it works | Payout reduces over time, | Payout stays the same |
| Cost | £7–£10/mo typical | £12–£22/mo typical |
| Best for | Repayment mortgages | Interest-only mortgages or |
| Surplus for family | Little or none, covers | Yes, as mortgage balance |
| Flexibility | Mortgage-specific only | Can serve as general life |
| Best suited | Budget-conscious homeowners | Those wanting extra |
Costs shown are indicative for a 30-year-old non-smoker with £250,000 cover over 25 years. Your quote may differ.
Do You Need Mortgage Life Insurance?
If any of these situations apply to you, mortgage life insurance should be a priority.
First-Time Buyers
Buying your first home is exciting, but it's also the biggest financial commitment you'll make. Mortgage life insurance means your family won't lose the property if something happens to you.
Couples with a Joint Mortgage
If you share a mortgage, what happens if one of you dies? Your partner would need to cover the full mortgage alone. Joint or two single policies protect you both.
Parents with Dependants
Your children depend on the home being secure. If you die, your partner must cover the mortgage and raise your children alone. Additional level term cover on top is worth considering.
Self-Employed Homeowners
No employer death-in-service benefit means your family has no financial safety net. Mortgage life insurance is essential, and income protection should also be considered.
Remortgagers
Changing your mortgage? Check your existing cover still matches. If you've borrowed more, extended the term, or switched to interest-only, your old policy might leave gaps.
Interest-Only Mortgage Holders
Your mortgage balance never decreases, so decreasing term cover is completely wrong for you. You must have level term cover to match your full outstanding balance at all times.
Not sure which type you need? An adviser can help.
Get matched with an FCA-regulated adviser who will compare every UK insurer to find the right mortgage life insurance for your situation.
Get a Free Quote →How Much Does Mortgage Life Insurance Cost?
The cost depends on your age, health, mortgage size, and policy type. Here's a typical breakdown for a healthy 30-year-old non-smoker with £250,000 cover over 25 years.
Smokers, older applicants, and those with pre-existing conditions will typically pay more, but cover is almost always available. Comparing the whole market ensures you find the best price for your circumstances.
How It Works
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What Our Customers Say
We got decreasing term cover when we bought our first home. The whole process took about 15 minutes and we're paying less than £12/month for both of us. Couldn't believe how simple it was.
Our mortgage lender quoted us £28/month for cover. Through Lifecoverfor.com, our adviser found the same level of protection for £11/month. That's £200 a year saved, no brainer.
As a self-employed dad, I don't get death-in-service benefits. I wanted to make sure my kids' home was safe if anything happened to me. Level term plus decreasing term, sorted in 20 minutes.
When we remortgaged to a £310,000 deal, we realised our old policy wasn't enough. The adviser set up a new decreasing term policy within a day. We're now paying £9 a month and the full mortgage balance is covered.
I have an interest-only mortgage so decreasing term wouldn't have worked. The adviser explained why I needed level term cover and found me a policy for £17 a month on a £225,000 balance. Really glad I got proper advice.
Buying my first flat was stressful enough without thinking about life insurance. My adviser handled everything alongside my solicitor. I got £195,000 of decreasing cover for just £6 a month. One less thing to worry about on completion day.
Related Guides
Dive deeper into the topics that matter for your mortgage protection.
Mortgage Life Insurance: Frequently Asked Questions
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