When should you review your mortgage protection policy?

In the wake of significant life changes and an ever-changing property market, a mortgage protection policy that accurately reflects your current circumstances is necessary for your financial well-being.

This isn’t about cancelling your existing policy for a new one. It’s about reassurance – bringing you peace of mind. It’s also free, straightforward, and recommended.

Let’s look at the common scenarios that should prompt you to review your existing mortgage protection.

Outstanding balance on your mortgage 

When you remortgage, the outstanding balance on your mortgage (the amount you owe to your lender) might increase or decrease due to several factors. For example, your outstanding balance will rise if you need to release equity to fund a home improvement. However, your outstanding balance will decrease over time if you’re on a standard repayment mortgage (not interest-only) plan or if your home increases in value and you gain more equity.

Whether your outstanding balance increases or decreases, significant changes can directly impact the level of protection you need. 

Your mortgage protection policy should align with your new mortgage amount and term to ensure the right level of coverage. Failure to update could leave you underinsured or overpaying for protection you no longer need.

Changes to your personal circumstances

Since taking out your last policy, your income may have changed, or your family dynamics might have evolved—perhaps through the addition of children or changes in health. 

Remortgaging presents a perfect opportunity to reassess your policy, ensuring it meets your current and future needs. An outdated policy might not provide the comprehensive coverage your family now requires, leaving gaps in your safety net.

New policies with improved benefits

Today's mortgage protection policies offer more than just basic coverage. They have added benefits that can significantly improve your quality of life and provide peace of mind. 

Features like 24/7 access to a GP, valuable discounts, and a waiver of premium options, which allow you to pause payments temporarily during challenging periods like job loss, are now available. These enhancements provide more suitable cover and often at a more competitive price.

Our commitment to you

As your dedicated mortgage protection advisers, we are here to guide you through the process of reviewing your policy. We understand that life doesn’t stand still, and neither should your mortgage protection. Our free policy review service is designed to assess your current coverage and explore ways to enhance it, ensuring it aligns with your life today and your plans for tomorrow.

Remortgaging is the perfect opportunity to ensure your mortgage protection policy reflects your current situation. Adjustments in mortgage size, changes in personal circumstances, and the availability of more advantageous policy features underscore the importance of this review. Remember, it's not about cancelling your policy but finding the one that fits your life right now.

When you remortgage with us, your adviser will invite you to schedule your free, no-obligation policy review.


Mortgage protection is explicitly designed to repay your mortgage in the event of your death before the mortgage is fully paid off, ensuring your family's home is secure. Life insurance, in contrast, provides a lump sum to your beneficiaries upon your death, which they can use for any purpose, not just covering the mortgage.

While not legally mandatory, many lenders require mortgage protection insurance as a loan condition to ensure the mortgage is repaid if something happens to you. The requirements can vary by lender and your situation.

Yes, it might still be beneficial. Life insurance offers broader financial protection, but mortgage protection is specifically designed to cover your mortgage repayments, directly securing your home for your beneficiaries.

Your mortgage protection policy may be cancelled or, in some cases, transferred to a new mortgage. When considering selling your home, discussing your options with your insurance provider is essential.

Approval times can vary depending on the insurer and your details. Generally, it can take from a few days to a few weeks. Being prompt and accurate in providing all required information can help speed up the process.

Joint cover insures two people under one policy, paying out on the first death and then ending. Dual coverage also insures two people but allows for two separate payouts, providing individual coverage within a single policy.

In a divorce, options include cancelling the policy, converting it into separate policies, or transferring it entirely to one individual. It's crucial to consult with your insurance provider for guidance tailored to your specific situation.

A level-term life insurance policy is recommended for an interest-only mortgage. This policy pays a fixed lump sum, suitable for repaying the capital amount of an interest-only mortgage at any point during the term.

Yes, smoking can impact your mortgage protection quote, as insurers view smokers at a higher risk of health issues, potentially leading to higher premiums.

Exclusions may include pre-existing medical conditions, voluntary unemployment, and situations known at the time of application that could lead to a claim. 

Check your policy details for a complete list of exclusions.

To switch policies, review your current coverage and identify your needs. Shop around for better-suited options, apply for the new policy, and ensure it's in place before cancelling your old policy to avoid any coverage gap.