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Decreasing Term Insurance - Mortgage Protection
Decreasing Term Life Insurance is designed to provide financial security for you family by paying off your mortgage should you die. Decreasing term policies are most suitable for repayment mortgages - if you have an interest-only mortgage, you might need a level term policy instead.
The amount a policy will pay out decreases over time in line with your mortgage balance, and your monthly premiums will stay the same throughout the policy though.
A decreasing term policy will normally end at the same time your mortgage is paid off, and it will not provide any extra cover for things like funeral costs or additional expenses such as childcare and other living costs.
If you want to cover any of these things on top of your mortgage, you may need multpile policies instead.
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A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
The Financial Conduct Authority does not regulate most forms of buy to let mortgages and some forms of bridging finance.
Insurance plans will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse. For Critical Illness Cover, the policy may not cover all definitions of a critical illness. For definitions please refer to the Key Features and Policy Documents.