Decreasing cover
The sum insured falls roughly in line with a repayment mortgage. Because the amount insured falls, the premium is usually lower than level cover for the same term, and it is the most common choice alongside a purchase.
Life cover
The cover that pays the mortgage when you no longer can.
A lump sum to your family if you pass away during the term. Usually written to match the mortgage, so the home is not the first thing they have to deal with.
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What it does
In plain termsLevel cover
The sum insured stays the same for the whole term. Right where the mortgage is interest only, or where you want something left over beyond clearing the debt.
Increasing cover
The sum insured rises each year, usually with inflation. Costs more and the premium rises too, but £200,000 today is not £200,000 in twenty years.
What it will not do
Said before you buy, not afterIt will not pay if you did not declare
Medical questions must be answered fully and accurately, including things you think are trivial or old. An insurer that finds an undisclosed condition at claim stage can refuse. We would rather spend an extra twenty minutes on the application.
It is not savings
Term assurance pays out only if you pass away within the term. If you outlive it, there is no refund and nothing to cash in. That is why it is cheap.
It may not reach them quickly
Paid into the estate, it can wait for probate and may be counted for inheritance tax. Written in trust, it usually goes straight to the people you named. We set this up at the same time, not later.
Straight answers
Asked every weekLevel or decreasing — which?
If it is a repayment mortgage and the point is clearing the loan, decreasing is usually right and cheaper. If there are children, or the mortgage is interest only, level cover is often worth the difference. We show you both prices before you choose.
Should we have one policy or two?
Two single policies usually cost a little more than one joint policy, but they pay twice if the worst happened to both, and they do not end after the first claim. On a joint policy the survivor is left with no cover and is older when they look for it.
What is a trust, and do I need one?
A short legal document saying who the money goes to. It normally means the payout avoids probate and sits outside your estate for inheritance tax. It costs nothing to set up with the policy. We are not solicitors, so anything complicated goes to yours.
Does it have to match the mortgage?
No. The mortgage sets the floor, not the answer. Childcare, school years left and a partner dropping hours all matter, and we would rather size it to the gap than to the loan.
I smoke, or I used to.
Insurers ask whether you have used nicotine in the last twelve months, vapes included. It changes the price considerably. Answer it honestly — a cheaper premium is worth nothing if the claim is refused.
I already have cover through work.
Death in service is often four times salary and ends the day you leave the job. It is worth having and worth counting, but it is not a reason to have nothing of your own.
The mortgage sets the floor, not the answer.
Insurance policies are subject to eligibility, underwriting, terms, conditions and exclusions. Benefits may not be paid in all circumstances. Cover is not guaranteed to be available, and premiums depend on your age, health and the cover chosen. This page is general information about how the cover works. It is not advice and it does not take account of your circumstances — what is right for you is decided after we have asked about them.
How we are paid. We act on your behalf, not the insurer’s. You pay us no fee; we are paid commission by the insurer when the policy starts, and that commission does not vary by which insurer you choose. You can ask us what it is at any point before you decide.
The policy is for them, not for you.
Start with what the money would actually have to cover — the mortgage, the years until the children are independent, the funeral nobody has budgeted for. The sum comes out of that conversation, not out of a calculator.
More in Protection
Where to next
Chosen for this pagePROTECTION
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Pays on diagnosis rather than on death. Very often taken alongside life cover.
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A monthly sum rather than one lump, and usually cheaper for the same protection.
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Why what you disclose at the application decides the claim years later.
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