-
Choose up to £750,000 worth of cover, depending on your age when you take out the plan
-
The amount you pay each month stays the same for the full term of the policy
-
Affordable monthly payments from just £7 a month
-
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 - see terms and conditions document for further details
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 a lump sum, but the payout amount reduces over the term of the policy. You can use it to cover a repayment mortgage or any other commitment that gradually gets repaid. Your monthly payments stay the same over the term of the policy, but how much you pay each month is typically less than for Level Cover.
The payout amount for Level Cover stays the same for the term of the policy, as does how much you pay each month. Because the payout amount is fixed, you can match it to the loan amount of an interest-only mortgage to help your family clear a mortgage. Or, your family could invest the payout for any dependants you have or use it to help support them.
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.
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 to manage your claim from start to finish.
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.
95.4%
of Term Life Insurance claims paid in 2022*
*Royal London Protection business claims paid (1 January to 31 December 2022)
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 £750,000, depending on you age when you take out the plan. 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 £300,000 payout amount, you could take out another life insurance policy with a maximum payout of £450,000.
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 £750,000, depending on you age when you take out the plan. 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 £300,000 payout amount, you could take out another life insurance policy with a maximum payout of £450,000.
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.
Got a question?
Call us, we're here to help
0800 085 4201
Free from UK landlines and mobiles
Monday to Friday 8 am to 6pm