Mortgage Insurance

A mortgage is probably the single largest financial transaction most of us will ever undertake, so, given the size of this debt it is wise to think about how you may be able to protect yourself in the event that you are unable to maintain your mortgage payments in the event of your death, or earlier illness that may prevent you from working.

The vast majority of mortgage loans taken out today are established on a capital & interest basis, this means that the outstanding balance will reduce throughout the term of the mortgage. The most popular form of life cover for this type of mortgage is called decreasing term assurance, simply put the amount of life cover will decrease each year broadly in line with your mortgage ensuring that there is sufficient cover to clear the outstanding mortgage debt at any time throughout the mortgage term.

Because the cover is decreasing the cost of the policy will be cheaper than a policy where the amount of life cover remains level throughout the term.
These policies can be established as either a single life policy or joint life policy for mortgages taken out in joint names.

There is usually an option to add critical illness cover as an optional extra and this allows you to add an amount of cover that will pay out on the diagnosis of one or more of a specific number of serious illness conditions, the full list of illnesses covered is too large to cover here and will vary slightly by insurer.

It is worth noting, however, all life and critical illness policies are subject to medical underwriting so obtaining cover cannot be guaranteed.

Covering the outstanding mortgage debt in the event of premature death or serious illness is important, however, what if you are unable to work for a period of time due to an illness or injury that prevents you from working and you are not able to benefit from sickness cover with your employer or you may be self-employed.
Protecting income during these periods is most commonly covered using an income protection policy. These policies are designed to pay out a regular income in the event that the policyholder cannot work as a result of an illness or injury usually after a waiting period.
The amount of cover, the duration of cover and the length of the waiting period are all factors that you control and these are decided based on circumstances and budget.

Lastly, you may also want to think about protecting your income in the event that you are ill or injured and subsequently can’t work. Income protection policies will pay out an income in the event that you are unable to work as a percentage of earnings after an initial waiting period, which allows you to focus on getting better knowing that your monthly outgoings are covered.


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How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.


This should be the approximate amount currently outstanding on your mortgage.


Debts do not ordinarily die with you so ensuring there is enough capital to repay any additional borrowing in the event of your passing will prevent your loved ones being pursued for your debts.


If you wish to leave a lump sum inheritance to a loved one place it here.


According to Dignity, the average cost of a funeral in the UK today is almost £5,000 but may be more depending on your requirements.


The Child Poverty Action Group estimates the cost for a couple to bring up a child from birth to age 18 at £160,692 in 2021.


Add up any existing life insurance plus any cover you may hold with your employer plus any savings as this will reduce your overall life cover requirement.

Your total cover estimate

£ 0

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Our Protection Products

Enduralife is determined to always give access to products from a selection of market leading providers, in plain English, to people who want to ensure they make the right financial decisions at the right times and at the right cost. It's simple!

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