What is mortgage life insurance?
Mortgage life insurance is specifically designed to ensure your mortgage repayments would be covered if you died or fell seriously ill during the term of the plan.
Our life insurance for mortgages offers either a cash lump sum or monthly payments, offering you peace of mind that neither you or your dependants would have to worry about the repayments.
Do I need mortgage life insurance?
Regardless of whether you have dependants, you could be left struggling to pay off your repayments if you couldn't work due to injury or illness.
Serious Illness Cover or Income Protection Cover can help alleviate this concern by paying either a lump sum or monthly tax-free income so you can keep your home and focus your attention on recovering.
Mortgage life insurance benefits
• We offer temporary cover for before your mortgage starts as you might be legally committed to loan before you start paying it back
• Our Vitality Optimiser will be automatically added, this offers you access to partners and rewards, an upfront discount for your first year and the ability to keep this discount for making healthy lifestyle choices
• The ability to increase the cover, or change the term of the plan without giving us more information
• If you add Serious Illness Cover to your plan, you can be confident that you will be covered for more conditions than any other insurer
Why choose us?
Benefit from award-winning mortgage life insurance which rewards you for being healthy
A brand you can trust
In 2018 we paid out 99.8% of Life Cover claims1
Discounts and rewards
Over £81 million given in Vitality benefits and rewards in 20182
Improve your health
Lower incidence of Life Cover claims in actively involved member3
Free no-obligation advice
Our advisers are highly trained and offer free, expert advice
Life CoverWith life cover, your dependants will receive a one off sum if you die during the term. You can adapt the level of cover to the type of mortgage you have so you are only paying what’s necessary in monthly premiums.
Income ProtectionReceive a regular tax-free monthly income if you fall ill, are injured or disabled and are unable to work as a result of illness so you can continue to pay your mortgage repayments.
Our 5-star defaqto rated Income Protection also includes:
- Financial support when you return to work, if you return with a reduced capacity and earn less than before you were off work.
- An additional payment when you return to work to help you manage with any additional costs.
Serious Illness CoverReceive a lump sum if you are diagnosed with a serious illness which can be used to cover your remortgage repayments or any other costs.
Cover is fully protected for lower severity conditions ensuring the full sum assured will always be paid at 100% for conditions such as heart attacks, cancers or strokes, and on death.
In comparison to a typical Critical Illness plan:
- We cover over 178 conditions which is more than any other insurer (Defaqto 2018)
- Our world-first Dementia and FrailCare Cover is included at no extra upfront cost
- We pay out based on how severe your condition is meaning that you could receive a payout at an earlier stage of your illness
- 7% of Serious Illness Cover claims paid in 2018 were for conditions unique to Vitality
Frequently asked questions
How does mortgage life insurance work
What happens to my mortgage if I die?
What is the difference between a mortgage protection plan and life insurance?
Who is responsible for mortgage payments after death?
Important information*Starting monthly premium factors in the Vitality or Wellness lite optimiser monthly fee of £1.75 and includes the premium discount.
1The percentage of claims accepted for Life Cover in 2018 was 99.8% and the total amount paid was £35,492,397
2With VitalityLife's Optimisers which are available at an additional monthly cost of £1.75 for Lite or £4.50 for Full. Source: Vitality internal data, May 2019.
3According to Vitality internal data (2018), over the past five years members who engaged in the Vitality Healthy Living Programme had a significantly lower incidence of Life Cover claims across all age groups when compared to those who did not engage.