Compare leading UK life insurers to find the ideal mortgage protection life insurance quote.
It is important to compare mortgage life insurance quotes from lots of different companies, as some life insurance companies are much more expensive than others, for exactly the same life insurance policy. That could cost you £1000's.
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There are various types of life insurance policy available. Standard life insurance, critical illness, mortgage cover, single or joint policies over various years. Request a call back from our advisors if you'd like some help.
It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love. Life Insurance will provide a lump sum to help with the mortgage and other household bills.
If you have a partner, loved ones or dependents who rely on your income, and the house you live in is covered by a mortgage, then making plans as to how it will be paid in the event of your death is crucial. The solution to this problem is mortgage protection insurance.
Mortgage protection insurance, also known as mortgage life insurance and decreasing term life insurance, is designed to repay the outstanding balance of a standard repayment mortgage if you were to die during the period of cover. This means your family won't have to worry about continuing to pay the mortgage following your death.
Decreasing term life assurance is the cheapest form of life assurance. As time passes, and your mortgage debt reduces, the payout on death also reduces leaving your dependants with the money to pay the rest of the mortgage. Level term cover, which tends to be more expensive, pays out a set lump sum during the mortgage term.
It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love - and this is exactly what Life Insurance is for.
Mortgage Life Insurance provides financial protection to your loved ones in the event of your death. No one likes to think about dying, which is why many of us either delay or fail to take out a policy when the time is right.
Without life insurance, the income you once provided for your family goes with you when you die. This could leave your family in a financial crisis at a time when they already have so much to cope with.
Most people usually take out life insurance that lasts until some key date in the future. It could be when they intend to retire, when their mortgage is paid off, or when they feel their children may leave home.
Joint life insurance policies are available, but advisers will typically recommend two single life insurance policies as they usually cost hardly any extra and will provide double cover. (This means that if both people die together, both policies pay out, rather than just one joint policy).
Policies that include critical illness cover are almost certainly better split into two separate life insurance plans. For example, if one person is diagnosed with an illness like cancer, their partner will not want their insurance to be lost, which would be the case on a joint life, first claim policy.
If you are looking for a life insurance policy, then you might also want to consider adding critical illness cover. It’s a very popular option. Sadly, at least one in five men and one in six women will suffer from a serious medical condition at some stage in their lives.
Critical illness cover provides a lump-sum payment should you become seriously ill with a condition covered by your policy. Cover can be added to a life insurance or mortgage protection policy.
Most critical illness policies cover at least seven major medical conditions including cancer, heart attack, multiple sclerosis, stroke, major organ transplants and kidney failure.
The benefit is tax free and can be used to replace your income, help pay off your mortgage, help you cope with bills and living expenses and let you concentrate on getting better.
Liverpool Victoria Friendly Society Limited was founded in 1843 as a burial society and, for many decades, Liverpool Victoria was most commonly associated with "penny policies" collected door-to-door by a cross-country team of agents to offer a method of saving to people of modest means.
Liverpool Victoria Friendly Society Limited was deregistered as a friendly society on 2 January 2020 as part of the acquisition by Allianz of its General Insurance division. Allianz is now the sole shareholder of Liverpool Victoria Insurance Company.
LV= offers services directly to consumers, as well as through IFAs and insurance brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and some trades unions
At the start of 2015 LV= was ranked in a survey called the UK Institute of Customer Service Satisfaction Index (UKCSI) as the best insurance business in the UK for customer satisfaction and seventh best across all UK businesses, with only one other insurer in the Top 50
LV are one of the UK's largest personal lines insurers, with more than 5.5 million customers and 3,500 employees.
In 2017 they became the LV= General Insurance Group (LVGIG) and announced a Strategic Partnership with Allianz Holdings PLC which completed in December 2019. Allianz are now their sole shareholder and LV have seperated from the Friendly Society.
In January 2020 LV acquired Legal & General’s general insurance business (L&G GI) L&G GI is predominantly a home insurance business, with more than 2 million customers. They have around 850 employees based in Birmingham. The Birmingham office will be part of a multi-site presence in the UK.
LV were voted Most Trusted Life Insurance Provider in the Moneywise Customer Service Awards 2013-2019
Protection is provided by Liverpool Victoria Friendly Society Limited, which is part of LV=.
Available to UK residents aged 17 to 79
You can choose the length to run between 5-45 years, but the policy must end before your 85th birthday
You can apply if you are:
permanently living in the UK
aged between 17 and 79 if you choose level cover or decreasing cover
aged between 17 and 59 if you choose inflation-linked cover.
If you’re insuring someone else, they must meet these requirements. If you’re insuring two people, they must both meet them.
You can only insure someone else if you would suffer financially on their death, or if they were diagnosed with a terminal illness. We call this having an ‘insurable interest’.
If you’re insuring your spouse or civil partner, you automatically have an insurable interest.
There’s no minimum or maximum amount of cover, there is only a minimum premium. You can choose the amount of cover that you need.
You can choose:
Level cover - This means the amount of cover and the premium you pay are fixed when your policy starts, and doesn’t change.
If you choose level cover, it won’t keep up with inflation, and will buy less in the future.
Inflation-linked cover - This means that your amount of cover will go up each year in line with inflation.
The premium will increase in line with inflation multiplied by 1.5. This may be shown on your personal quote as increasing amount of cover, or index-linked amount of cover.
Decreasing cover - This type of cover is specifically designed to cover the reducing amount owed on a capital and interest repayment mortgage. The amount of cover will go down each month, but the premium you pay is fixed when your policy starts and doesn’t change.
No. Your premium is guaranteed. This means we won’t change it unless you ask us to change your policy or, unless you have chosen inflation-linked cover.
If you have inflation-linked cover your cover will increase by inflation each year and your premium will increase by inflation multiplied by 1.5. The only other time your premium may change is if there is a change in legislation which affects your policy.