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Life Insurance with Critical Illness

What is mortgage term assurance?

Answer

Mortgage term assurance is another name for life insurance which is used to to repay a mortgage. This is usually decreasing term where the value of the mortgage goes down over time (capital and interest), or level term to pay an interest only mortgage.

We offer Life Insurance or Life Insurance with Critical Illness which can be chosen as level or decreasing. You can use the money for whatever you'd like and can be used to pay off the mortgage. If you include critical illness cover, you might decide the money might be better spent making changes to your home to accommodate the big changes to your lifestyle that having a critical illness can bring.

This is not to be confused with Mortgage Payment Protection Insurance (MPPI) which is designed to pay your mortgage repayments if you have an accident, sickness or unemployment. We don't currently offer an MPPI policy, but can provide Income Protection, which will replace a portion of your salary if you are unable to work if you have an accident or are sick for a long time. This money can be used for anything you'd like, including mortgage payments to make sure your home is secure.

More on Life insurance

More on Life insurance with Critical Illness

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An insurance provider you can trust established in 1843.

  • 97% of claims paid in 2016
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