Life insurance for mortgage protection

Usually when people have a joint mortgage, they take out a joint life insurance policy, but you can get a single policy just for yourself.

A joint policy can be used to pay off the mortgage when one person dies, but it will only pay out once. While this can seem the cheaper option, bear in mind that having two single policies means that two lump sums could be paid out.

With level cover the lump sum stays the same over the period you’re insured for. You choose how long you want to be insured for and how much to receive.

With decreasing cover the lump sum reduces over time, usually in line with your repayment mortgage.

Whatever kind of mortgage you have, bear in mind that if the full amount of your mortgage isn’t protected, then it won’t be paid off if anything happens to you.

You can choose how long you want to have life insurance cover for – usually this will be aligned to your mortgage, so it can be paid off if you die before the end of your mortgage term. If you choose a shorter term for your life insurance, your mortgage won’t be protected for its duration.

If you’re diagnosed with one of our specified critical illnesses [PDF, 414KB] such as cancer, heart attack or stroke you’ll get a lump sum, to keep and spend however you’d like. The money could be used to repay your mortgage and help with household expenses, giving you peace of mind while you recover. You can add this option to your life insurance policy.

Death: You’ll be covered if you die before the end of your policy. We’ll also cover you if you die between exchanging contracts and completing your property purchase – up to a maximum of 90 days¹

Terminal illness: If you’re diagnosed with a terminal illness and you’re expected to die within 12 months, the policy will pay out at no extra cost. We’ll need verification from your hospital and Legal and General’s medical team

Critical illness: If your policy includes Critical Illness Cover, we will pay out if you're diagnosed with one of our specified critical illnesses

One-time payment: We’ll only pay the amount of cover once. On a joint policy, this will be when the first person dies or has a valid claim. The remaining policy-holder can then take out a new policy if they wish to do so.

Incorrect information: If you don't answer our questions honestly and in full before your policy starts, we won’t pay out

Suicide: If, within the first year of the policy, you die and your death is caused by suicide or intentional and serious self-injury, you won’t be covered

Critical illnesses: We won't pay out your amount of cover if the policy includes Critical Illness Cover and you’re diagnosed with a critical illness that doesn't meet our definition²

Have a chat in person with one of our mortgage advisers, who can help tailor your policy and answer any questions.

Have you looked into Barclays Simple Life Insurance? It's quick, straightforward and could help you protect your loved ones if you die or become terminally ill.

Check out our explanations for common terms relating to life insurance, and get more information on the topic.