Directline Life Insurance: Mortgage Life Cover

One of the main reasons for taking out life insurance is to make sure your loved ones don’t go without a roof over their heads if the worst were to happen. If this is your main priority then Direct Line Mortgage Life Cover could be an appropriate choice for you…
With Direct Line, you can choose from two types of Life Insurance: Fixed Term Life Cover (the type that pays out a fixed lump sum on the death of the life assured) and Mortgage Life Cover. The latter is sometimes known as mortgage protection.
For many people, mortgage life cover is an unknown entity until they purchase their first property. This is because many mortgage lenders recommend that there is some insurance in place that will make sure it will be paid back –if you die during the term of the mortgage. You may find that Direct Line Mortgage Life Cover offers great value for money.

A must for mortgage protection

Even if your mortgage lender doesn’t specify that you take out mortgage cover, it is vital that you consider how your dependents would repay the loan if you are not here, otherwise they may need to sell their home.

While the amount you may need to pay off a mortgage can be built into Fixed Term Life Cover (along with provision for living expenses and maintenance of lifestyle), Mortgage Life Cover can be a cheaper option, if you are on a budget for example. This is because Direct Line Mortgage Life Cover is a decreasing protection policy where the level of cover reduces each year, roughly in line with the outstanding balance on a standard repayment mortgage. Provided the initial sum insured and term are the same as the mortgage at the outset (and interest rates do not rise above 12%), the policy should be sufficient to repay the mortgage in the event of death.

On our website you’ll find general policy information on Direct Line Mortgage Life Cover under ‘Types of Cover’, plus full policy terms and conditions. You’ll also find details on Fixed Term Life Cover, which can be taken out as a separate policy if necessary for extra peace of mind. Why not apply for a quote for Direct Line Mortgage Life Cover today.

Link to previous articles: Directline Life Insurance: Level of Cover you need Directline Life Insurance: Tips and Advice Directline Life Insurance: Get Life insurance cover Directline Life Insurance: How much cover do you need? Direct Line Life Insurance: Types of Covers Direct Line Life Insurance: Overview