Mortgage life protection

Provided, administered and underwritten by Aviva Life & Pensions UK Limited

Protect your mortgage

What you can get

  • If you’re a 1I2I3, 1I2I3 Lite or Select Current Account customer other benefits are available
  • Life protection from Aviva, the UK’s largest insurer
  • 98.9% of Aviva life insurance claims paid out in 2018 (source: Aviva)
  • House purchase cover - free cover from exchange to completion when you buy a property

Insurance which could pay off your mortgage if you die, or depending on the policy you take out, if you’re diagnosed with a specified critical illness.

  • Life insurance aims to pay out a one-off lump sum if you die or are diagnosed with a terminal illness within the term of the policy.
  • Critical illness insurance aims to pay a one-off lump sum if you're diagnosed with a specified critical illness within the term of the policy (not all conditions are covered).
  • At Santander we offer these two types of insurance through Aviva. You can buy them separately, or combined.

Do I need decreasing cover or level cover?

Decreasing cover runs for a fixed time, with the lump sum reducing each month for as long as the policy lasts. It’s used to cover a Repayment (Capital & Interest) mortgage and should be sufficient to clear the debt as long as all mortgage repayments are made. The monthly payments, known as premiums, remain the same.

You can apply for decreasing cover life or critical illness insurance online or over the phone on a non-advised basis. These products are also available in our branches if you need advice.

Level cover runs for a fixed time and the cover and premium stay the same for the life of the policy. It is commonly used to protect an Interest Only mortgage.

You can only apply for level life cover or critical illness insurance in our branches.

Combined life and critical illness insurance

Taking out this combined insurance would mean you have cover available in case of critical illness or death. The policy will pay out once, either for critical illness or for death.

You can only apply for combined life and critical illness cover in one of our branches. 

Applying for life protection 

Apply online or over the phone.

  • If you don’t need advice, call us on 0800 028 3744.
  • To book an appointment in a branch (where you’ll receive protection advice), please call 0800 068 6699.
  • To make a claim for critical illness, you'll need to meet the policy definition, which could require you to have permanent symptoms, an illness of a specified severity or undergo surgery.
  • Not all critical illnesses are covered. For a full list of illnesses that are covered by the plan, you should refer to the Critical Illness Plan Policy Summary and Policy Conditions.
  • When a claim for the main benefit has been paid, your policy will end and cover will stop.
  • At the end of your policy's term, or if you stop paying premiums, your cover will end, and you will get nothing back.
  • Make sure you're aware of the eligibility criteria, which can be found in the policy summary, before applying. 
  • Option to have a single or joint policy. If you have joint cover, the policy only pays out once.
  • The policy has no cash-in value at any time.

Using a trust could prove tax-efficient

You can put your life insurance policy in trust.

The lump sum paid out on death is currently free from income and capital gains tax. Your policy may be subject to inheritance tax unless you put it in a suitable trust. 

If you're unsure on whether you should put your policy in trust you should seek specialist legal advice. Tax rules may change in the future.

See our forms below for more information 

Aviva Guide to Protection Trust (pdf)

Aviva Survivor Trust Form (pdf)

Aviva Discretionary Gift Trust Form (pdf)

The Financial Conduct Authority and the Prudential Regulatory Authority do not regulate taxation and trust advice.

You could get 10% cashback on your first year’s premium when you buy a new Santander life protection plan. 

The 10% cashback will be paid within 90 days of the policy start date, as long as your policy hasn't been cancelled. This offer can be withdrawn at any time, for full Terms and Conditions, visit the Important documents section.

Offer available from 13 May 2019

In addition, if you’re a 1|2|3, 1|2|3 Lite or Select Current Account customer

Earn 2% cashback on Santander life protection premiums (policies administered and underwritten by Aviva Life & Pensions UK Limited) when you pay by Direct Debit from your 1|2|3, 1|2|3 Lite or Select Current Account.

The 1|2|3 Current Account and Select Current Account have a £5 monthly fee to maintain the account and the 1|2|3 Lite Current Account has a £1 monthly fee to maintain the account. 

To earn cashback you must pay in at least £500 a month (excludes internal transfer) and have at least two active Direct Debits. 1|2|3 Lite Current Account customers must also log on to Online or Mobile Banking at least once in every three months.

Cashback is paid monthly. You may hold a maximum of two 1|2|3 Current Accounts or Select Current Accounts, one in your name and one in joint names. You must be 18 or over and a UK resident. For details of our fees and interest rates, visit santander.co.uk or ask for the latest Key Facts Document in branch.

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