What you get with our Mortgage life insurance

  • Choose up to £500,000 worth of cover

  • The amount you pay each month stays the same for the full term of the policy

  • Affordable monthly payments from just £7 a month - that's only 23p a day

  • You can choose for the policy to last for between 5 and 50 years

  • No medical – know instantly after some health and lifestyle questions

  • Terminal Illness Cover included at no extra cost

Important things to know

  • You can apply if you’re a UK resident aged between 18 and 70
  • The plan must end when you reach age 80
  • Our Life Insurance has no cash-in value – it’s a protection policy only
  • If you stop making payments, your cover ends and you won’t get anything back.

Types of mortgage life insurance cover to suit you

Decreasing Cover pays out a lump sum that reduces over the term of the policy, roughly in line with the balance of a mortgage or other long term loan. Payments stay the same over the term of the policy but the amount you pay each month is typically less than for level term life insurance.

Level Cover is life insurance where the payout amount stays the same over the term of the policy. The monthly payments also remain the same during the policy's term. When a claim is paid, your family will get the amount covered by the life insurance policy.

Why choose Royal London?

We're a mutual

We're a mutual, so we're not answerable to shareholders. We can make our decisions in the best interests of you, our customers.

Immediate decision

Unlike some life insurance providers, we don’t need a doctor’s report or need to send you off for a medical. We can give you a decision straight away.

Our awards

Whether it's for our outstanding products or first-class service, we're delighted to have received several awards over the years.

Serious Illness Benefit option

For an additional monthly cost you could add this extra protection for you and your children. It gives you a financial safety net if you are diagnosed with one of the six illnesses that we define.

Get a quote

Think either of these are the cover for you? Get your no obligation Decreasing Cover or Level Cover life insurance quote now.

How to claim

We make things as clear and easy as possible and give you a dedicated claims specialist.

You’ll need a few documents before you get in touch with us and we have helpful information to make the process easier. Learn about starting the claims process.

 

99.5%

of claims paid in 2021

 

Royal London Protection business claims paid (1 January to 31 December 2021)

Looking for something different?

Whether you want to protect your family, your house and mortgage or just leave something after you're gone, we've got a life insurance policy to fit your needs.

Explore life insurance Explore life insurance

FAQs about Mortgage life insurance

Mortgage life insurance is designed to pay off the rest of a mortgage when the policy holder dies.

Decreasing cover is a type of mortgage life insurance. It can be used to cover a debt that decreases over time, such as a mortgage.

The maximum cover amount of life cover you can have with us is £500,000. This is the maximum as a lump sum pay out. This amount applies across all life insurance policies you may have with us. So, if you have a life insurance policy with a £200,000 payout amount, you could take out another life insurance policy with a maximum payout of £300,000.

Level cover is life insurance where the payout amount stays the same over the term of the policy. The monthly payments also stay the same over the term of the policy. When a claim is paid, your family will get the amount of money you took the policy out for.

To put it simply, Level cover is life insurance where both the monthly payments and the payout amount stay the same over the length of your policy. If you die within the term, your family will be given the pre-agreed sum.

For Decreasing cover, the payout sum shrinks throughout the length of your policy. Your monthly payments stay the same but how much you pay each month is usually less than Level cover. You could use it to help cover a mortgage or any other loan that gradually gets repaid.

Yes, when you apply, you’ll need to answer some health and lifestyle questions. You need to answer these questions accurately and honestly.

You’ll need to keep making monthly payments throughout the period of cover, unless you die or a terminal illness diagnosis has been confirmed. If that happens, we’ll pay out the single amount.

You can stop making your payments at any time. If you do, your cover will end and you won't get anything back.

You can reduce the payment at any time to any amount, subject to the minimum of £7 a month for Life Insurance. If you choose to reduce your payment your cover amount will also reduce. If you have Serious Illness Benefit you may not be able to reduce your monthly payments to £7. This is because the cost of Serious Illness Benefit is worked out separately, even though we take both payments at once.

If you stop making your monthly payments, then your cover will stop. It is worth remembering that you won’t get any money back, as this is a life insurance policy and not a savings plan. So, you can’t cash in your cover at any time.

Mortgage life insurance is designed to pay off the rest of a mortgage when the policy holder dies.

Decreasing cover is a type of mortgage life insurance. It can be used to cover a debt that decreases over time, such as a mortgage.

The maximum cover amount of life cover you can have with us is £500,000. This is the maximum as a lump sum pay out. This amount applies across all life insurance policies you may have with us. So, if you have a life insurance policy with a £200,000 payout amount, you could take out another life insurance policy with a maximum payout of £300,000.

Level cover is life insurance where the payout amount stays the same over the term of the policy. The monthly payments also stay the same over the term of the policy. When a claim is paid, your family will get the amount of money you took the policy out for.

To put it simply, Level cover is life insurance where both the monthly payments and the payout amount stay the same over the length of your policy. If you die within the term, your family will be given the pre-agreed sum.

For Decreasing cover, the payout sum shrinks throughout the length of your policy. Your monthly payments stay the same but how much you pay each month is usually less than Level cover. You could use it to help cover a mortgage or any other loan that gradually gets repaid.

Yes, when you apply, you’ll need to answer some health and lifestyle questions. You need to answer these questions accurately and honestly.

You’ll need to keep making monthly payments throughout the period of cover, unless you die or a terminal illness diagnosis has been confirmed. If that happens, we’ll pay out the single amount.

You can stop making your payments at any time. If you do, your cover will end and you won't get anything back.

You can reduce the payment at any time to any amount, subject to the minimum of £7 a month for Life Insurance. If you choose to reduce your payment your cover amount will also reduce. If you have Serious Illness Benefit you may not be able to reduce your monthly payments to £7. This is because the cost of Serious Illness Benefit is worked out separately, even though we take both payments at once.

If you stop making your monthly payments, then your cover will stop. It is worth remembering that you won’t get any money back, as this is a life insurance policy and not a savings plan. So, you can’t cash in your cover at any time.

Important Documents and Guides

Policy summary

Terms and conditions

Got a question?

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