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Mortgage protection is a life insurance policy that pays the remaining balance on your mortgage, upon death.
It is normally a condition of your mortgage approval that you have a mortgage protection policy in place. This will generally be assigned to the mortgage provider. So if you die, the insurance company pays the sum assured to the mortgage provider and the mortgage will be cleared. The policy amount decreases in line with your remaining term and balance. The policy also ceases when the term is finished. Provided you are in good health, mortgage protection is very simple and straightforward to set up.