The Basics    Your Options    RIsk Factors

Mortgage life insurance - The basics 

• Mortgage life insurance, or 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'. Normally you can choose a term between one and 40 years for Mortgage Term Assurance, or between five and 40 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.
• Mosr providers offer a choice between Mortgage Term Assurance and Mortgage Decreasing Term Assurance. This is explained in Your options.
• Some types of  mortgage life insurance include Terminal Illness Cover at no extra cost.

• Normally you may increase the amount of cover on certain events, (subject to certain conditions). This is your Guaranteed Insurability Option.