Barclays life insurance for mortgage holders starts at just £6 a month.
It’ll provide a lump sum pay out that can be used by your loved ones to pay off the remainder of the mortgage.
This cover gives you more flexibility as you can choose between a single or joint policy, as well as level or decreasing terms.
With level term life insurance, your sum assured remains the same throughout your policy.
This means your loved ones will always receive the amount that was agreed when you first took the policy out.
Personal factors such as your age, health, smoking status, sum assured and length of cover will determine how much your monthly premium will be.
You’ll receive a pay out if you pass away during the term.
If you don’t pass away, no pay out is made and your cover will expire.
Level term is best used for paying off an interest only mortgage as your pay out amount remains fixed.
With decreasing term life insurance your sum assured will reduce over time.
As with level term, you’ll be covered for a specific period of time and your premiums will be based on personal factors such as your age, health and wellbeing, as well as your smoking status.
This cover is best suited for a repayment mortgage as you can have your pay out amount decrease in line with your mortgage balance.
Joint life insurance
Joint life insurance covers two lives simultaneously.
You’ll only need to make one application and the price you pay for your premiums will be based on information about both parties.
The main advantage of joint life insurance is that you can save on average 25% compared to two single policies.
Despite covering two lives, joint life insurance will only pay out once - usually after the first death.
This means that the surviving partner will need to find new cover.
Use our free, award-winning brokerage service to compare single and joint policies to find your best option.