Mortgage Protection The Lutine Mortgage Protection Plans are Decreasing Term Policies where the Life Cover Benefit decreases in line with the outstanding loan. Provided interest rates do not exceed 12% per annum, the policy will guarantee to pay off the outstanding loan on the death of the life assured if this happens before the end of the term. The aim of the plan is to provide a lump sum designed to repay the outstanding loan amount owed on a repayment mortgage if you die before the end of the term. Joint life plans are also available for policy terms up to 10 years.