Mortgage Protection is life assurance at its most basic. The amount of cover you need and the length of time you should be protected for will depend on the amount and term of your mortgage. As you pay off your mortgage your cover will reduce to reflect the reducing amount you owe on your mortgage. No payment is made if you survive to the end of the policy.

The cost of the cover will stay the same through out the term of your policy, therefore, you will always know how much you are paying and how much they will pay out.
 
There are two options for Life Mortgage Cover and who you can protect:

Single Cover: yourself,which means the insurance company will make the payment if you die during the term of the plan; or

Joint Cover: yourself and your partner,which means that the insurance company will make the payment if you or your partner die during the term of the plan. Under this option, they will only pay once.

A. LIFE COVER: Pays out a lump sum if you die.
B. ACCELERATED SPECIFIED ILLNESS COVER: Pays out a lump sum if you are diagnosed with one of the specific conditions covered according to each plan.

- You must be aged 18 to 74 to start this cover
- The maximum term for life cover is 40 years or up to age 80
- The life cover can only be paid out if you die during the term of the plan or are diagnosed with a serious illness
- The amount you pay is guaranteed to stay the same for the whole of the period you are insured for.
- You cannot cash in your plan. It is not a savings plan.