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Decreasing Term Life Insurance

What is decreasing term life insurance?

Decreasing term is a type of life insurance, generally used to cover the debt of a repayment mortgage, if you were to die. Cover protection is fixed for a defined period of time, known as the ‘term’.

When describing decreasing term cover some insurers will refer to it as ‘mortgage life insurance‘ or ‘mortgage protection life insurance’.

During the policy term, as the amount you owe on your mortgage decreases so does the amount your insurer pay outs. This protects your family from the burden of a large debt if you were no longer around.

However, in most instances, it does not leave additional funds to also pay for future living costs or provide an inheritance.


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A decreasing term policy is usually aligned with your mortgage term, commonly 20 or 25 years. It is important to understand that you could outlive your policy, meaning your beneficiaries may never benefit from your investment.

Decreasing term life insurance is generally more affordable compared with level term or whole of life policies, as the insurer is less likely to issue a large pay out.

If you wish the pay out to cover more than your mortgage debt or require a guaranteed pay out, then level term or whole of life cover may be better options.


Decreasing term life insurance in summary:

Pro’s

Con’s

Why use Reassured to secure your decreasing term policy?


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