We regret to inform you that we are no longer accepting new customers.

If you’re looking for cover, Smart Insurance offers Family Life Insurance that could help your family to manage major household debts like the mortgage and car repayments, or simply help with daily living expenses if the worst were to happen. Please call them on 0800 977 6057 for your free quote, or visit their website www.smartinsurance.co.uk 

Please note: If you’re an existing customer, your FRANKLi policy remains unaffected. Please call FRANKLi customer service on 0800 542 7981 if you have any questions. 

How to calculate how much Mortgage Life cover you need

Taking out mortgage Life Insurance is a simple way of helping to ensure that, whatever happens, your loved ones can carry on living in the family home. But when it comes to working out how much cover you need to make that possible, it can seem confusing.

That’s where we can help. One of the first steps to getting the right protection is understanding what goes into choosing a policy. So let’s have a look at how premiums are calculated, how long you should have a policy for, and all the things to consider when securing Mortgage Life Insurance…


How much Mortgage Life Insurance cover do I need?

How much Mortgage Life Insurance cover you need depends on how long you want it to last for, as well as what you want it to cover.

Consider these questions when choosing a benefit amount:

  • If you were to pass away suddenly, how much money would your family need to keep up with mortgage repayments?
  • How long will it take for the mortgage to be paid off in full?
  • Will there be any other costs that could arise that you want to help cover?

Even though you could be in perfect health right now if tragedy were to strike your family could be vulnerable. With the right protection in place, you can help ease the financial burden if you were to die suddenly, as well as ensuring your loved ones can carry on living in the family home.  

As well as ensuring your loved ones and home are protected, you should think about whether you want to have cover in place to help pay for your funeral and final expenses, so your family won’t have to scramble for the money during a distressing time. If this is the case, you need to consider what kind of funeral you want, how much it might cost and how much you would like to contribute towards these expenses.

If you don’t have a mortgage but still want protection in place for your loved ones, our guide can help you work out how much Life Insurance you might need.


How are premiums calculated for Mortgage Life cover?


The cost of your monthly premiums depends on a few things. How long you want your policy to last for, as well as your age, health and lifestyle all have an effect on the cost of your Mortgage Life Insurance.

Policy type

Mortgage Life Insurance is a decreasing policy. That means that over time, as the amount you pay on your mortgage goes down, so does your mortgage cover. You may also have seen it described as ‘decreasing term insurance’ for this reason. With a decreasing policy, your monthly premium will remain fixed for the duration of your cover. How long you want the cover to last should align with how much longer you will be paying off your mortgage.



If you’re generally in good health, you’re more likely to pay less on your monthly premiums. This is because you’re considered less of a risk to insure than someone who is in poorer health.



If you’re a smoker you could find that your premiums may cost more. Smoking is considered a risk to our health and as a result, someone who smokes or uses e-cigarettes is more likely to develop health issues. As well as that, if you have an occupation or hobbies that are considered dangerous, you could find that your monthly premiums cost more than those of someone with a less risky lifestyle.



As we age our health is more likely to decline and we’re more likely to suffer from illnesses or pass away, making us more of a risk to insure. Generally, it’s better to take out a policy when you’re younger because your premiums may be lower.


Can I bring down the cost of my premiums?

You could try to improve your health and lifestyle before applying for Life Insurance to help bring down the cost of your protection. For example, if you’re a smoker or you use e-cigarettes, you may want to consider giving up. Not only is it good for your health, but it could help lower the cost of your Life Insurance.


How long do I need protection in place?


When taking out Mortgage Life Insurance, you need to make sure you choose a term that’s long enough to ensure your mortgage can be paid off if you’re no longer around. Over time, as the amount you pay on your mortgage goes down, so does your mortgage cover. So if you’ve chosen a term that lasts long enough to cover your mortgage, when your mortgage is paid off, your cover will likely end too.


What is FRANKLi’s Life Insurance calculator?


With our Life Insurance calculator, you can quickly work out how much cover you might need to help protect your loved ones when you’re no longer around. Simply answer a few questions and we’ll do the hard part and give you a recommended benefit amount in minutes.


Ready for a quote?


Now that you know how to work out how much protection you need, why not get a quote today? We’re here to help you find the right protection for your family at an affordable price.