Life insurance to help protect your home and mortgage - from just £6 a month
If you’re taking on a new mortgage, or increasing your existing mortgage, it’s important to consider if your family could manage to keep up the payments if you were to die unexpectedly. Mortgage life insurance from Bounty, provided by Legal & General, is designed to help pay off an outstanding mortgage in the event of death during the policy term, giving your loved ones one less thing to worry about.
Legal & General offer two different types of mortgage life insurance: level and decreasing.
Mortgage level term insurance – designed to help protect an interest only mortgage, the amount you’re covered for stays the same throughout the policy term unless you alter your plan.
Mortgage decreasing term insurance – designed to help cover a repayment mortgage, the amount you’re covered for reduces roughly in line with the remaining mortgage debt. Your monthly premiums stay the same, unless you alter your plan but can be cheaper than a level term policy.
Whichever you choose, both options offer:
- Premiums from £6 a month, that’s the equivalent of around 20p a day.
- A lump sum payable if you die during the policy term.
- You choose the amount of cover you would like, and the number of years you would like to be insured for.
- Terminal illness cover and accidental death benefit are automatically included at no extra cost.
- Guaranteed Insurability Option lets you increase your cover as your circumstances change, for example if you had another baby, or you moved house. Subject to terms and conditions.
- You have the option to pay your premiums monthly or annually. If you pay annually, you’ll receive a 4% discount on your premium.
- Take out a policy before 29th February 2012 and receive your FREE £40 M&S vouchers!
As with all life insurance policies, there are some things you should be aware of before you buy. Life insurance plans are not investment products. They have no cash in value at any time. Also, if you stop paying the premiums before the end of your policy, your cover will end after 30 days. Please read the premiums and risks section for more information.
Also included is SmoothMove, provided by Inter Partner Assistance, part of one of the largest international emergency assistance groups, which is a 24-hour moving day rescue service.
Free life cover is automatically included for the period between exchange of contracts (conclusion of missives) and completion of your property purchase. Both of these are extra to Legal & General's mortgage life insurance policies and are provided at no additional cost to you. For more information, read the Key Features Document PDF.
Extra cover options
You can choose to add these features for an additional cost.
Critical illness cover - Cover for 39 specified Critical Illnesses. Pays out your chosen amount of cover if you die or are diagnosed with one of the specified critical illnesses covered and are eligible to claim during the policy term. Cover for your children is included too. Terms and conditions apply.
Waiver of premium - Your premiums could be waived if you were unable to work due to incapacity or illness during the policy term. Subject to terms and conditions.
