If you have a repayment mortgage, the most appropriate type of mortgage protection plan will usually be Decreasing Term Assurance.
This type of plan provides protection over the term of your mortgage. The level of cover will reduce in line with your decreasing mortgage liability. The plan will provide death benefit, but could also include additional benefits such as Critical Illness Cover, Disability Benefit, Waiver of Premium and Terminal Illness Cover.
Plans can be held on a single or joint live basis.
The advantage of deceasing cover, as opposed to level cover, is simply cost. Significant savings can be made by avoiding level cover.
If you are taking out a new mortgage, or would like to review your current mortgage protection, please contact us.