For most of us, the largest financial commitment we ever make is the mortgage loan we use to buy our house. However, arranging the mortgage is only one part of the homebuying process. We also have to decide how to protect the loan. Through our partnership with Norwich Union, we can offer you a Mortgage Life Insurance plan.
What is a Mortgage Life Insurance plan?
A mortgage life insurance plan is specifically designed for use alongside a repayment mortgage. If you die during the term of the plan, a cash sum would be payable, which could help to pay off the outstanding balance of your mortgage.
Over time, the level of life insurance provided by the plan falls to reflect the decrease in the size of your mortgage loan, so you are only paying for the cover you need.
Benefits
Mortgage Life Insurance can offer you
- Security – be secure in the knowledge that the mortgage is repaid if you die or are diagnosed with a terminal illness (or a critical illness, if this option is selected).
- Flexibility – you can add, remove or amend options so the plan moves with your mortgage.
Price
You don’t want to pay more than you have to when your budget is already stretched. There are a number of options available to suit your financial situation. Just ask for a personal illustration and see how little it costs. Norwich Union aims to offer some of the most competitive rates currently available.
Selected risk factors
- If you don’t pay your premiums, your plan and your cover will end 30 days after the last premium was due. You will get nothing back.
- This plan has no cash-in value at any time.
- If you choose critical illness cover, it will only pay out if you’re diagnosed with a critical illness described in the terms and conditions of your plan.
- The plan may not pay out if you don’t provide any information requested.
- This plan does not meet the needs of customers with an interest-only mortgage.
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Important information
Northern Bank can provide you with advice on Life and Critical Illness Insurance which is provided by Norwich Union Life Services Limited. Northern Bank Limited is registered in Northern Ireland, No. R568; registered office: Donegall Square West, Belfast BT1 6JS. Northern Bank is a member of the Danske Bank Group.
Norwich Union Life Services Limited is registered in England, No. 2403746; registered office: 2 Rougier Street, York YO90 1UU. Financial Services Authority Registration, No. 145452. Norwich Union Life Services Limited represents only the Norwich Union Marketing Group, members of which are authorised and regulated by the Financial Services Authority, for life assurance, pensions and investments.