Before applying for mortgage life insurance you should read the
Key Features Document (PDF: 1542KB) and
Policy Terms and Conditions (PDF: 387KB) carefully to help make sure the policy meets your needs. Both these documents are available on the right hand side of this page.
As with all mortgage life insurance policies, there are things to be aware of:
- It's essential that you answer all the questions we ask in your application fully and accurately. If you fail to mention something like a medical condition, for example, we may not pay out in the event of a claim.
- For mortgage decreasing term assurance, if your mortgage interest rates average over 10% during the policy term, there may not be enough cover to pay your mortgage off in full.
- Mortgage life insurance policies are not savings or investment products and have no cash value unless a valid claim is made.
- If you stop paying the premiums before the end of your policy, your cover will end after 30 days and you will not get anything back.
- When you apply you need to answer the questions we ask you fully, honestly and accurately. Please don't assume that we'll contact your doctor. It's your responsibility to fill in the application accurately.
- You need to let us know if any of the information you gave us in your application changes before the plan starts.
- The main factors are your age, occupation, smoker status, health, the level of cover you need and type of contract that you choose. Normally, the older you are, the higher the premium. Your individual height, weight, medical history and lifestyle are all assessed.
- Premium payments include costs and start from just £6 per month depending on your individual circumstances and needs. Premiums are guaranteed - you pay the same throughout the term of the policy, unless you change your cover.
- If you decide to include Critical Illness Cover in your policy, you can choose between guaranteed or reviewable premiums. If you choose reviewable premiums, these are reviewed every five years and could increase or decrease.
- If you choose to exercise your Guaranteed Insurability Option there are also certain terms and conditions for increasing your cover, which are outlined in the
Key Features Document (PDF: 1542KB) . Please read it carefully along with your policy documents that you'll receive when the policy starts.
- If you take out mortgage life insurance with us, you have the option to pay your premiums monthly or annually. If you choose to pay annually you will receive a discount, giving you cheaper mortgage life insurance. Find out how much you could save.