Mortgage life insurance
Tesco Mortgage Life Insurance offers great value cover to help pay off your repayment mortgage.
We provide a cash sum if you die within the period of cover. The cash sum is designed to reduce in line with a standard repayment mortgage.
Clubcard customers only - if you quote before 12th November 2008 and then buy the policy we'll send you £50 worth of Tesco vouchers. Read the terms and conditions.
Should I consider this life cover?
You should consider this cover if…
You have a repayment mortgage (paying off the original mortgage loan and the interest).
You should NOT consider this cover if…
You have an interest only mortgage - monthly payments cover the interest only. The original mortgage loan would remain outstanding at the end of the period of cover.
Even if this isn't the right cover for you we might still be able to help, take a look at our fixed-term life insurance instead.
What do I get?
Your loved ones get a reducing cash payment to help pay off your repayment mortgage. Get a quote and apply online now.
We're so confident of our value for money we offer a Price Promise to all our customers. Find out more about our Price Promise.
Can I add critical illness cover?
You can add critical illness to your Mortgage Life Insurance policy. Find out more about adding critical illness cover to your policy.
What about joint life cover?
Our joint life cover provides a reducing cash sum if either of the two lives covered dies during the period of cover. Joint life cover only pays out once on the first death.
Is terminal illness covered?
Yes. If you're diagnosed with a terminal illness during the period of cover, excluding the last 18 months, you'll receive a reducing cash payment. This is automatically included as part of the policy.
How much does it cost?
The table below tells you how much Tesco Mortgage Life Insurance will cost for a healthy non-smoker aged 30 on their next birthday.
| Initial level of cover over 20 years | Cost per month for females | Cost per month for males |
|---|---|---|
| £100,000 | £5.00 | £5.34 |
| £150,000 | £6.23 | £8.07 |
| £200,000 | £7.63 | £9.97 |
Rates correct as at 21st August 2008. Premiums are dependent on age and personal circumstances.
You can cancel your policy at any time but it has no cash-in value.
What next?
Please ensure you read and understand the Key Information, that includes Policy Conditions for this cover before you buy online. Please print or save a copy for your records.
It is your responsibility to ensure that the policy applied for meets your needs.
