Life insurance provides a lump sum (or regular income) if you pass away during the policy term. For homeowners, it’s often used to ensure the mortgage is repaid so loved ones can stay in the property without financial stress.
Types of cover:
At Spolton Mortgages, we’ll explain how life insurance links with your mortgage, and compare cover alongside related protection like critical illness cover and family protection. For impartial background, see MoneyHelper’s life insurance guide.
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Property values in Lincolnshire mean mortgages often exceed £150k–£200k, so life cover is vital for peace of mind. ONS figures (July 2025) show averages of £237,000 in North Kesteven (Sleaford) and £184,000 in Lincoln. A decreasing term life policy aligned to your mortgage can ensure the debt is cleared if the worst happens.
We’ll match cover to your mortgage type, balance and family needs, ensuring protection is affordable and effective.
Spolton Mortgages is a family mortgage broker founded by Nick and Kasia Spolton.
From our office in Sleaford, we provide mortgage and mortgage protection advice.
Well-known, and respected for providing trusted advice, we started by helping people find mortgages in Lincoln, Sleaford, and throughout Lincolnshire. Now we find ourselves helping people across the whole of the UK.
It’s not legally required, but many lenders recommend it. Most homeowners take cover so the mortgage is cleared if they die.
At minimum, enough to clear your mortgage. Many people add extra to support family living costs.
Level pays a fixed lump sum; decreasing reduces in line with a repayment mortgage balance.
Yes. A joint policy covers two people, often cheaper than two single policies, but it usually only pays out once.