Mortgage Protection Insurance

Our mortgage protection insurance calculator works out the right cover to ensure your mortgage is paid if you die during the term. Decreasing term life insurance mirrors your outstanding balance as you repay it.

Enter your mortgage balance and the term remaining. Mortgage protection insurance — also called decreasing term life insurance — pays out the outstanding mortgage balance on death within the term. Because the balance reduces over time, the sum assured decreases in line with the mortgage, keeping premiums lower than a level-term policy for the same initial benefit. Select your age and term, and the calculator estimates the monthly premium. If you have a repayment mortgage, decreasing term cover is typically the most cost-effective protection. For interest-only mortgages, level term cover may be more appropriate as the balance does not reduce. Some mortgage protection policies also include critical illness — evaluate whether combining both within a single policy or buying separately offers better overall value.