As your home is likely to be your most valuable asset, mortgage protection plans are designed to protect the payment of your mortgage and enable you to keep your home should the unforeseen happen.
There are various types of plans available tailored to individual needs. Single or joint life policies are available on either a level or decreasing term basis. Level term would generally be linked to an Interest Only mortgage, with decreasing term generally used for a Capital & Interest mortgage.
In the event of death a lump sum is provided which will be sufficient to repay the mortgage debt leaving the property debt free.