Mortgage life insurance
If you own your home there’s a good chance that your mortgage payment is the largest cost you pay each month. For that reason, mortgage life insurance is a popular product and most banks and building societies will expect you to take out this type of protection when you buy a home.
These policies are made to match your mortgage. If you have a repayment mortgage your level of cover can reduce
over time as your mortgage gets smaller. However, if you’ve taken out an
interest-only mortgage you’ll need the same level of protection until the policy runs out. You will be offered a policy that lasts the same amount of time as your mortgage.
As with a standard life insurance policy, if the worst happens, your loved ones will receive a tax-free lump sum which will cover the outstanding mortgage.
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Oakwood Home Finance Ltd which is registered in England No. 12937996 registered address 24 Oakwood, Berkhamsted, Hertfordshire, HP4 3NQ.
Oakwood Home Finance Ltd is authorised and regulated by the Financial Conduct Authority No. 949215.
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