Mortgage life insurance - the basics

• Mortgage life insurance, which we call Mortgage Term Assurance, is designed to help pay off your mortgage in the event of your death.
• The length of time you choose to be insured for is called the 'term'. You can choose a term between one and forty years for Mortgage Level Term Assurance, or between five and forty years for Mortgage Decreasing Term Assurance, depending on your age when you take the policy out.
• If you die during the term, your policy will pay out a lump sum of money.
• You choose how much life cover you buy. People often want their mortgage life insurance policy to pay out the value of their mortgage or other loan.
• Legal & General offers a choice between Mortgage Term Assurance and Mortgage Decreasing Term Assurance. This is explained in Your options.
• Both types of Legal & General's mortgage life insurance include Terminal Illness Cover at no extra cost.
• If you become a mortgage life insurance policyholder, you'll receive details of our free 24-hour moving day rescue service, SmoothMove. 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. Inter Partner Assistance provides the SmoothMove Insurance Plan.
• Should you decide to purchase one of our mortgage life insurance policies, you must read the appropriate 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 our mortgage life insurance on this website, and if the cost and the amount of cover suits you, you can apply online today.
• You may increase the amount of cover on certain events, such as marriage or home improvements (subject to certain conditions). This is your Guaranteed Insurability Option.

Your options

Legal & General offers two types of mortgage life insurance: Mortgage Term Assurance and Mortgage Decreasing Term Assurance.

• Mortgage level term means the amount you are insured for remains the same throughout the term of your policy, unless you choose to exercise your guaranteed insurability option.
• Mortgage decreasing term means the amount decreases over the term of the policy. This cover is designed to 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 excercise your guaranteed insurability option.

Both types of mortgage life insurance include Terminal Illness Cover at no extra cost. Read more about Terminal Illness Cover.

Extra cover options

You can choose to add these options to your Mortgage Term or Mortgage Decreasing Term Assurance policy:

• Critical Illness Cover This pays out a lump sum if you are diagnosed with one of the specified illnesses or disabilities and are eligible to claim. Cover for your children is included at no extra charge. Of course, there are terms and conditions and you should ensure you've read and understood them. Read more about the specified critical illnesses you can claim for and the limits of these claims.
• Waiver of Payment Premiums are waived if you suffer an illness or accident that stops you working for more than six months. Read more about Waiver of Payment.

Please note: it's not possible to apply for these extra options online. If you would like to add any of these extra cover options to your policy, please contact us.

Charges + premiums

• The premium we quote you is affected by a number of factors. The main ones are your age, sex, occupation, smoker status, health, the level of cover you need, and type of contract that you choose. The older you are, the higher the premium. Your individual height, weight, medical history and lifestyle are all assessed.
• There are no hidden extras - premium payments include all expenses and cover starts from just £6 per month depending on your individual circumstances and needs.
• Premiums are guaranteed: you pay the same throughout the term of the plan. However, if you decide to include Critical Illness Cover in your plan, you can choose between guaranteed and reviewable premiums. If you choose reviewable premiums, these are reviewed every five years and could increase or decrease.
• You can increase the amount your policy covers you for in the future, but your premium will increase. There are also certain terms and conditions for increasing your cover, which are outlined in the Key Features and Policy Conditions documents. Please read them carefully.
• Legal & General's Mortgage Term Assurance (mortgage life insurance) includes Terminal Illness Cover at no extra cost. You can read more about Terminal Illness Cover.

Risk factors

• Since mortgage life insurance is an important financial safety net, it is essential that you give us all the information we ask for on the application form and that it is accurate. If you fail to mention something like a medical condition, for example, we may not pay out in the event of a claim.
• Legal & General's Mortgage Term Assurance (mortgage life cover) offers you reassurance that in the event of your death, or terminal illness, there'll be help paying off the mortgage. It is not connected to the mortgage itself, or the repayments you make on it. If you don't keep up repayments on your mortgage, you may risk losing your home.
• For Mortgage Decreasing Term Assurance, if your mortgage interest rate averages over 10% during the policy term, there may not be enough cover to pay your mortgage off in full.
• You must read both the appropriate Key Features document and the Policy Conditions document carefully before buying our mortgage life insurance. Both are listed on the right-hand menu. They clearly detail the circumstances under which the policy would not pay out, as well as other terms and conditions.
• Mortgage 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.
• Terminal illness cover is not applicable for the last 18 months of a policy term.