Mortgage cover

Find out how you can protect your mortgage so your loved ones can keep their home when you can't be there.

What is mortgage cover?

This type of cover works just like a normal life insurance policy. It pays out a cash lump sum if you die before the policy ends. So it could help your loved ones pay off the mortgage if something happens to you.

Do I need mortgage cover?

Mortgage life insurance might be right for you if:

  • you have a repayment mortgage
  • you have children or loved ones who rely on your income
  • you’re the main earner in your family
  • you’d like to make sure your loved ones can keep their home after your death
  • your loved ones would struggle to pay off the mortgage without you.

How much does it cost?

The amount you pay each month depends on the length of your policy and the size of the cash lump sum that gets paid out when a claim is made. The price might also change based on your age, health and lifestyle.

Infographic visualising level cover

Let our experts take care of it

Our life insurance is arranged by Scottish Widows. They are a part of Lloyds Banking Group, like us. Scottish Widows are our life insurance experts, and they have been protecting what matters most for over 200 years.

Scottish Widows are:

  • Reliable - Scottish Widows paid out 98% of claims in 2021. That’s £207m in total.
  • Experienced - Scottish Widows has been protecting customers for over 200 years. So you’re in safe hands.
  • Supportive - Scottish Widows works closely with partners like Macmillan. They help make sure our customers get the right help, at the right time. 
A large icon with a description stating Scottish Widows paid 98% of claims in 2021

What else do I need to know?

You need to be a UK resident, 18 or over, and under 60 to apply. Before you get a policy, check that it’s right for you. Make sure your loved ones will get the support they need after you’re gone.

With mortgage cover you can:

  • get a cash lump sum if you die before your policy ends
  • choose an amount and duration that are right for you
  • cancel at any time, free of charge.  

With mortgage cover you can’t:

  • get any money back unless you make a claim
  • change your policy after it has started
  • keep your cover if you miss your monthly payments.

Decreasing cover

Cover reduced but payments stay the same

A green block with a dark green arrow pointing to the right

How does decreasing cover work?

Decreasing cover means that the cash pay-out goes down each month until your policy ends. You'll pay the same amount each month.

What’s the benefit of decreasing cover?

Decreasing cover is usually a cheaper kind of cover. It's often used to protect a repayment mortgage. As you pay off your mortgage, the outstanding amount will go down. So the amount that your cover pays out when you die will go down, too. If you mainly need cover for your mortgage, you could get the support you need and pay less each month than level cover.

telephone icon How can I get decreasing mortgage cover?

For now, we don’t offer decreasing mortgage cover online, but we want to make sure you and your loved ones get the support you need. That’s where our Mortgage and protection advisors or Cavendish Online can help.

If you are an existing Lloyds Bank Mortgage customer you can book a telephone, video or branch appointment with our advisers to get a quote.

Book an appointment

Alternatively, Cavendish Online can help. Call them today and they can help find cover that’s right for you. Cavendish Online won't charge you for their advice, and you're under no obligation when you speak to them.

Call Cavendish Online on: 0800 131 0014

Lines are open Monday to Thursday 9am - 7pm, Friday 9am - 6pm.

Cavendish Online is a part of Lloyds Banking Group. They will provide you with advice on Scottish Widows protection products.

Should I get critical illness cover with life cover?

Should I get critical illness cover with life cover?

Critical illness cover pays out a cash lump sum if you are diagnosed with an illness covered by your policy before it ends. It could help you and your loved ones meet day-to-day costs and let you focus on your own health and wellbeing.

More about critical illness cover
FSCS protected logo


Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.