Mortgage term life insurance
- Tailored pricing from £5.97 per month*
- 99.8% of claims paid out**
- Up to £100 Amazon gift card and a Free Beagle soft toy^
What is mortgage term life insurance?
Mortgage term life insurance is an identical term for decreasing term life insurance. It is designed to cover large debts such as a mortgage as the amount you are covered for (and your potential pay-out) will decrease over time in line with the decreasing level of mortgage debt you have left, based on the interest rates you pay.
These policies are more affordable than level term policies but could ensure your families biggest assets are protected.
Decreasing term life insurance
Some of our customers choose policies just to cover their mortgage to ensure their family could keep their home if you died, this is called decreasing term cover. The cover is designed to help towards paying off reducing debts such as a mortgage, should you pass away before you have finished paying it off.
The aim is to provide you with a cheaper alternative to level term cover, which offers the same pay-out no matter when the claim is made during the policy term.
As an example you could have a:
- £200k, 25 year term repayment mortgage
- You could cover this with a £200k, 25 year mortgage life insurance policy
- If, after 10 years, there is £120k mortgage debt left (subject to interest rates) then the potential mortgage life cover pay-out will value at approximately £120k
Although specialists may provide you with other options such as 100% mortgages, with most mortgage providers you will need to save for the initial mortgage deposit for the property and the monthly mortgage costs. Lots of saving and planning is needed for this huge life event.
Get a quote today or speak to the team
At Beagle Street we’re here to support you through the application process. If you’re ever unsure about any of the questions in the application, we have a team of experts on hand to help.
or call us
0800 048 0480
Included with every Beagle Street policy
Estate planning kit
Accidental death benefit
Early funeral payout
Amazon gift card^
Free Beagle soft toy^
*Based on a 30 year old non-smoker, £200k decreasing term cover for 20 years
**Beagle Street is underwritten by Family Assurance Friendly Society Limited, who in 2023 paid out 99.8% of all protection claims
^Available only when purchasing a policy directly through Beagle Street. Within 60 days of paying the 2nd monthly payment, the soft toy will be dispatched. The gift card value varies depending on monthly premium. Within 30 days of paying the 6th monthly payment, you will receive an email to claim your e-gift. Full Terms and Conditions