Your mortgage payment is probably your largest monthly outgoing. If there is a loss of income due to death or terminal illness this could be one of the most difficult payments to maintain. A Mortgage Life Insurance policy is designed to help pay off the outstanding balance on your capital and interest repayment mortgage in the event of your death or diagnosis of a terminal illness during the plan term. The benefit is payable as a lump sum. The amount of cover will decrease broadly in line with the amount outstanding on your mortgage.
It is vital that you answer all the questions on your application fully, truthfully and accurately and that you tell us about your medical history in full. Failure to mention something could result in your policy being inappropriate for your protection needs and may invalidate any claim you may make later.
If you don't pay your premiums, your policy and your cover will end 30 days after the last premium was due and you will get nothing back.
If you choose critical illness cover, Aviva will only pay out if you are diagnosed with a critical illness that meets the plan definitions and then survive for at least 14 days.
This policy has no cash-in value at any time.
Inflation may reduce the value of your cover.
- Provides a lump sum to help repay your mortgage balance in the event of your death
- Provides the option to include critical illness cover within the plan
- Offers a range of flexible options within the package that allows you to protect your premiums or help you meet your mortgage payments if you are unable to work due to accident or illness
- Includes the flexibility to increase your cover if you move home or make home improvements
- A cost effective way of providing you with the protection you need
- Terminal illness cover enabling you to take care of your own affairs should you wish to do so
- Can be taken out from age 16 up to age 66 but it cannot run beyond your 76th birthday (other age restrictions will apply depending on the options selected)
- You must be a UK resident at the time you take the cover
- Premiums can be paid monthly (minimum £5) by direct debit or yearly (minimum £50) by cheque or direct debit
If you would like to know more about the risk factors and key features of Mortgage Life Insurance, please contact your local branch to speak with a Financial Planner.