The Mansfield Building Society

Life Cover and Critical Illness Cover

Our Life Cover and Critical Illness Cover is provided by Legal and General, who were voted Protection Provider of the Decade at the LifeSearch Awards, March 2013 and Best Life Insurance Provider at the What Mortgage Awards, 2013.

We offer customers mortgage protection policies to help them repay their mortgage in the event of death or a specified critical illness.

The selling of such policies is undertaken by The Mansfield Building Society and Legal and General. The Mansfield Building Society and Legal and General Assurance Society Limited are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Our advisers can explain product features, how the product works, how much cover is needed and help completing application.

If you are taking out a mortgage protection plan to help pay off an outstanding mortgage, you will need to choose between Level or Decreasing Cover.

  • Level Cover provides the same lump sum throughout the length of your policy.
  • For Decreasing Cover, the amount of cover reduces roughly in line with the way a repayment mortgage decreases.

 

If you choose Decreasing Cover, your amount of cover for Terminal Illness Cover and/or Critical Illness Cover (if chosen) will also decrease.

You need to ensure that your amount of cover matches your outstanding mortgage.Your policy may not completely pay off your outstanding mortgage, if you:

  • Change the mortgage you have in any way and you don't adjust your cover or length of policy to match your new arrangements.
  • Choose Decreasing Cover and the interest rate on your mortgage becomes higher than the rate applied to your policy.

 

For more information about Life Cover and Critical Illness Cover with Legal and General, please contact us on 01623 676366.


Date printed: 27 February, 2017 04:37


The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.