Decreasing Term Insurance
In the event of your death, Decreasing Term Insurance can help to cover any outstanding mortgage payments.
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Decreasing Term Life Insurance
- Look after your family
- Protect your home
- Get Life Insurance advice
What is Decreasing Term Insurance?
As the name suggests, a decreasing term insurance policy, the amount that you're covered for will decrease over the life of the policy.
The usual reason for taking out this type of policy is to cover debt that also reduces over time, such as a repayment mortgage.
Because the risk of insurers having to pay out such a huge sum of money is less than with Level Term Insurance, you're likely to find that a Decreasing Term policy will be much cheaper.
However, the downside of this type of policy is that once the payout has been used to pay off your outstanding mortgage payments, there won't be additional funds to leave for your family or to cover any other debts that need to be paid off.
