What is mortgage protection insurance?Mortgage protection insurance is a type of life insurance. It pays off the rest of your mortgage if you become terminally ill or pass away within the policy term. This means your family would be able keep their home and have one less thing to worry about.
It's also called mortgage protection life insurance, decreasing term life insurance, or decreasing life cover. They're all the same thing.
Our cover is there for you in the good times, not just the bad. You’ll get discounts on popular health and fitness brands and rewards for getting active. Like a weekly coffee and payment towards Apple Watch.
Why choose mortgage protection cover with Vitality?
You can rely on us
99.7% of life cover claims paid out (Vitality Claims and Benefits Report, 2023).
Cover before your mortgage starts
To help protect you between when you commit to buying a house and when your mortgage payments start.
5 Star Defaqto rated cover
It’s verified as a trusted product.
Update your policy
If you need to apply for a new or increased mortgage, you can increase your policy amount and term up to three times.
Do you need mortgage protection insurance?
- Your family and what would happen to your home if something bad happened to you. With insurance they could pay off the rest of the mortgage and keep the house
- Some mortgage providers will recommend you take out mortgage protection insurance
- Should you become ill and not be able to work, would you struggle to pay off your mortgage repayments?
How does mortgage protection insurance work?
- You’ll pay fixed premiums for a fixed period of time
- As you pay off your mortgage, the amount of insurance cover you need decreases in line with it
- If you become terminally ill or die during the policy term, your family will receive a lump sum. They can use this money to pay off your mortgage.
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How our mortgage protection claims process works
1. Make a claim
2. We'll assess the claim
Mortgage protection insurance FAQs
Is a mortgage protection plan the same as PPI?
Is mortgage protection the same as life insurance?
The key difference between the two comes down to the reasons you are taking out the cover.
For example, some may want to protect their family's finances if they die, and that's their priority. Others may want to make sure their family can keep their home if something bad were to happen.
If you need advice on what type of cover you need, call us on 0808 271 8355 to speak to one of our financial advisers.
What does mortgage protection insurance cost?
- Your height
- Your weight
- Any pre-existing health conditions you may have
- If you smoke
- If you're employed in a high-risk occupation e.g firefighter
- How much cover you need to take out to cover your mortgage.
What happens to my mortgage if I die?
If you have insurance, this will pay out and pay off the outstanding amount.
If you have whole of life insurance or term life insurance, your family will receive a tax-free lump sum. They can then use this money to pay off your mortgage should they want to keep the house.
Who is responsible for mortgage payments after death?
The executor of the estate usually pays this. Any savings are then passed on to the family or other named beneficiaries named in the will.
Do you need life insurance for a mortgage?
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