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Protect your mortgage

Could your loved ones pay off the mortgage if you died? Let's give you peace of mind they'll be secure in the home you love.

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Get your mortgage covered when you're gone

Buying a home is a big commitment. And, like many big moments in life, it can motivate people to take out life insurance. It's a way to ensure the mortgage won't become a financial burden to your loved ones if you're no longer around. 

It's easy to set up a life insurance policy that's right for your needs and the type of mortgage you have.

It needn’t be expensive. Just pay a little each month and your family could get a cash sum if you die during the term of the policy. 

They can use it to pay off the mortgage or cover other costs. 

With Post Office Money Life Insurance: 

  • Choose Decreasing or Level Cover to suit your mortgage type
  • You can pay from just £5 per month or pay more and get up to £500,000 of cover*
  • We won't pry – we'll only ask necessary questions 
  • You'll get an instant decision – we won't refer you elsewhere 

Plus, if you’re covered, we'll help make it easy on your family when that difficult time comes, with a simple and understanding claims process and bereavement support at no extra cost.**

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Get the right cover for your mortgage

The life insurance you choose may depend on how you pay off your mortgage: 

  • Decreasing Cover can help if you're repaying a mortgage. Pay a fixed amount each month for a pay-out sum that reduces each month at a fixed rate of 7% in line with a capital and interest repayment mortgage. If your mortgage is higher than 7%, or if your borrowing changes this amount may not be enough.
  • Level Cover suits interest-only mortgages. You pay a higher amount and it pays out a fixed sum that could clear the capital you owe on your home. Make sure you consider the effect of inflation when making your calculations.
  • Increasing Cover what you pay and the final sum increase each year to reduce the impact of inflation. 

Compare life insurance

 

Protect what matters in minutes, like your loved ones and lifestyle, in case the unexpected happens.

Did you know?

The average price of a property in the UK in 2016 was £279,000.

Some common questions

What is life insurance?

It's a way to give you some reassurance and your loved ones some extra financial security if you die. It can also provide some financial comfort at a difficult time if you're diagnosed with a terminal illness that meets our definition as per the Terms and Conditions.

It's not all that different from other types of insurance. If you insure a car or a house, you pay an agreed amount or 'premium' each month. The insurance company pays if it gets stolen, damaged or destroyed. 

With life insurance, the insurer pays out if you die within the term of the policy. You won’t be around to receive the money yourself, but you'll be able to leave it to your family or loved ones. 

It also includes a terminal illness benefit. So, if you're diagnosed with a terminal illness, that meets the definition, we'll pay the sum assured early, which could remove financial worries at a difficult time.

 

How does Post Office Money Life Insurance work?

Post Office Money Life Insurance is a life assurance policy that pays an amount of money (cash sum) if, during your chosen policy term, you die or are diagnosed with a terminal illness that meets the definition, as per the Terms and Conditions. 

If we pay your cash sum your policy will end. If you're still alive at the end of your policy term and haven't been diagnosed with a terminal illness, your policy will end and you won't receive a pay-out.

 

How much does the Decreasing Cover go down by?

The sum assured decreases each month at an interest rate of 7%.

How does someone claim on my policy?

Losing a loved one is a difficult time. The last thing those you leave behind need is a drawn out claims process. When the time comes, we'll make it easy for your personal representatives to claim the cash sum from your policy.

If you've recently lost someone and need to claim, you can find all of the information you need here.

Still have questions about life insurance? Visit our help page

Things you need to know

*Monthly payments depend on the amount, length, type of cover and your personal circumstances.

** This service is not part of the Post Office Money Life Insurance contract and can be withdrawn at any time.

† Source : Office for National Statistics, 2016.

Post Office Money Life Insurance is provided by The Royal London Mutual Insurance Society Limited.  

Post Office Money Life Insurance offers up to £500,000 cover for customers who are UK residents aged 18-70 at the start of the policy. The minimum term is 5 years and cover must end before your 81st birthday.

We won’t pay a claim on death if it was as a result of suicide or intentional self-inflicted injury within 12 months of the start date of your policy. 

We won’t pay a claim on terminal illness if you don’t meet our definition of terminal illness; or terminal illness is caused by intentional self-inflicted injury within 12 months of the start date of your policy. 

We won’t pay a claim if you don’t keep your payments up to date as you will no longer be covered under the policy. Or if you don’t tell us something or give us incorrect answers to our application questions which affects your cover. If you’re a UK resident aged between 18 and 70, excluding members of the Armed Forces, Territorial Army or Reservists, you can apply.

 

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0330 123 3947 08.00-19.00 Monday – Friday
09.00 – 17.00 Saturday

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