Not to be confused with mortgage payment protection insurance, which can be purchased by clicking the following link EasilyCovered.co.uk and visiting one of our sister sites, mortgage protection is a form of life insurance designed to repay a mortgage in the event of death.

Mortgage protection insurance is also known as decreasing term assurance. As with decreasing term insurance mortgage protection insurance also reduces over the term of the plan. The reduction however is designed to be at the same rate as the reduction in the mortgage debt.

As a result of the fact that the cover does reduce and not stay level through the term the actual cost of the life insurance can be quite a bit cheaper than its level term cousin this is due to the fact that the high levels of cover are not having to be maintained into the future as the client gets older.

Like most other types of life insurance cover mortgage protection insurance can be extended to include critical illness cover and waiver of premium benefit.

Due to the fact that the cover will reduce throughout the term this type of cover is not suitable for any other type of mortgage other than repayment ones.