Term life insurance is the most common form of life insurance.
Typically, it comes as either level or decreasing term and is used to help protect your mortgage if the worst were to happen.
But which is the best policy option for you?
The truth is, it'll all depend on your specific needs and what you want to protect.
By using an FCA regulated broker service, such as Reassured, you can compare both level term and decreasing term quotes from the UK's leading insurers.
|Level term||Decreasing term|
|Policy will last for a specified period of time||Policy will last for a specific period of time|
|Pay out will be made upon death during this time only||Pay out will be made upon death during this time only|
|Sum assured remains fixed throughout the lifetime of policy||Sum assured reduces over time|
|Best suited to paying off an interest-only mortgage||Best suited to paying off a repayment mortgage|
|More expensive than decreasing term||Cheaper than level term, (as less risk posed to the insurer)|
Read on to find out everything you need to know about level term vs decreasing term life insurance…