How long should you insure for?

For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

Hot Topics

Life Insurance - why do you need it?
You may want Life Insurance to provide some financial protection for the family or to cover the payment of an Interest Only Mortgage.
What do you need to know about Life Insurance?
Life Insurance pays out a tax-free lump sum if you die; there is no investment value.
Should you consider Critical Illness cover instead?
If you have no dependants or already have Life Insurance, you should consider Critical Illness Insurance instead of Life Insurance.
Should you have a “Guaranteed” or a “Reviewable” policy?
With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.
Should you include Terminal Illness Insurance?
You probably won’t need to - most policies include Terminal Illness cover free of charge on all Life and Critical Illness policies.
All proceeds from insurance policies are tax-free.

IMPORTANT:

If you want insurance cover to pay your monthly mortgage payments if you were off work through sickness, accident or unemployment, then you need Mortgage Payment Protection Insurance.

If you want insurance cover to repay all your outstanding mortgage capital if you became critically ill, you need Critical Illness Insurance.

Frequently Asked Questions related to the above topic.
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