Decreasing Term

Decreasing Term Life Insurance (Mortgage Protection Life Insurance)

Buying a house is considered the biggest and most stressful purchases most of us are likely to make in our lives, making it even more important that you choose the right Life Insurance plan for you and your mortgage. A Decreasing Term life insurance policy is an affordable way to cover you and your mortgage, with premiums from as little as £5 per month. This type of cover can also be used to cover other loans that decrease over time. As with a Level Term Insurance plan, Decreasing Term Life Insurance will pay out a tax-free lump sum if you die during the term of your plan.

How it Works?

With Decreasing Life Insurance plan, cover is provided for the outstanding balance of a repayment mortgage or loan. Because the amount of your mortgage will reduce over time as you make your monthly payments, the amount that your Insurance plan will pay out will also reduce in alignment with your mortgage or your loan. Like a Level Term Insurance plan, you decide how much cover you require and also how long you want your cover to last for. Many people choose to have their cover over a period that coincides as to when they are likely to pay their mortgage or loan off.

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