Mortgage Protection

A Mortgage Protection policy works in the same way as a Decreasing Term Assurance however it's designed to be used in conjunction with a repayment mortgage. 

As the outstanding mortgage balance decreases over the term, so does the level of benefit payable under the policy. The rate is set to match that of the mortgage to ensure there will be sufficient monies payable to ensure the outstanding mortgage balance is repaid. Due to the mechanics of this type of policy, it makes it a cheaper alternative to a traditional Level Term Assurance.

As with other types of Term Assurance policies, it's possible to add Critical Illness benefit and can be written as a single or joint life policy.