Understand the benefits of the Mortgage Protection Plan
If you are looking for cover to protect your mortgage we offer mortgage life insurance, which we call mortgage term assurance. This is designed to help pay off your mortgage in the event of your death.
People also refer to it as mortgage cover, mortgage life assurance and mortgage protection.
We offer two types of mortgage life insurance: level and decreasing.
- Mortgage level term means the amount you are insured for remains the same throughout the term of your mortgage life insurance policy, unless you choose to exercise your guaranteed insurability option. Mortgage level term is usually taken out to protect Interest only mortgages.
- Mortgage decreasing term means the amount decreases over the term of your mortgage life insurance policy. This cover is designed to help protect a repayment mortgage, so that the amount of insurance decreases roughly in line with your remaining mortgage debt. Your premiums will remain the same unless you exercise your guaranteed insurability option.
What is different about our mortgage life insurance compared to life insurance to cover your family?
When you purchase mortgage life insurance with us, you'll receive details of our 24-hour moving day rescue service, SmoothMove, which is included at no extra cost. So if there's an emergency when you move house, services such as car recovery, hotel accommodation and legal advice are just a phone call away.
To provide SmoothMove, Legal & General have teamed up with Inter Partner Assistance, one of the largest international emergency assistance organisations. This is an additional benefit to customers of Legal & General at no extra charge.
Important Information
- The length of time you are insured for is called the 'term'. You can choose a term between one and 40 years for level term life assurance, or between five and forty years for decreasing term life assurance, provided that the plan ends before your 80th birthday.
- If you die during the term, your life insurance policy will pay out a lump sum of money.
- You choose how much life insurance you buy. You may want your life insurance policy to pay out a multiple of your salary; you may have dependants to think of, or a loan to cover, for example. For an idea on how much cover you may need use our life cover calculator.
- The amount you must pay on a monthly or annual basis is the premium. Our life assurance premiums start from just £6 per month. You can find out more about the factors that affect your life assurance premium in premiums and risks.
- Our life assurance policies include terminal illness cover at no extra cost. This means that the policy will pay out if you are diagnosed with a terminal illness for which you are eligible to claim (although not in the last 18 months of the plan). Read more about terminal illness cover.
- Should you decide to buy one of our life assurance policies, you must read the key features and policy conditions PDF's. You can open and download these from the right hand menu.
- You can get an immediate quote for life assurance online. Then, if you decide the cost and the amount of cover is suitable, you can apply online today.
- You may increase the amount of cover on certain events, (subject to certain conditions). This is your guaranteed insurability option. Please refer to the key features document for more information.
