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Mortgage Decreasing Term Assurance product details.
Specific Mortgage Decreasing Term Assurance product details.
Amount of cover
- No minimum sum assured. Driven by minimum premium.
- No set maximum sum assured - subject to negotiation with re-insurers. However if Critical Illness Cover or conversion option is chosen, a £1m maximum limit applies.
- The amount of cover decreases roughly in line with the outstanding mortgage amount throughout the policy term.
- A choice of decreasing interest rates available.
- 7%
- 8%
- 9%
- 10%
Term
- Minimum term allowed is 5 years
- Maximum term allowed is 40 years
Age Restrictions
- Minimum age at outset 17 (if age 17, the policy must be written in trust).
- Maximum age at outset 74.
- Minimum age at end of term 29.
- Maximum age at end of term - must end by 80th birthday.
Premiums
- Guaranteed.
- Choice of guaranteed or reviewable premiums if Critical Illness Cover option is chosen.
- Payable monthly or annually by Direct Debit.
Options available
- Critical Illness Cover - see full list of Critical Illnesses Covered
- Conversion
- Waiver of Premium (WOP)
- Immediate Cover
Benefits automatically included
- Guaranteed Insurability Option
- Terminal illness cover
- Accidental death benefit
- Free life cover
- SmoothMove
Other Information
- For joint life policies, benefit is paid on the first death.
- Policies can be placed in trust.
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Need more information?
Protection sales team
0845 273 0010
0845 273 0010
Monday to Friday 9.00am to 5.00pm.
We may record and monitor calls. Call charges will vary.
Please send completed Trust Forms to: Trust Team, City Park,
The Droveway, Hove, East Sussex, BN3 7PY
Key documents
OLP Connect Data Application Form (W11904)
PDF: 2.76MB
PDF: 2.76MB
SmoothMove Pack (W13514)
PDF: 1.03MB
PDF: 1.03MB
Product Profiles (W12549)
PDF: 354KB
PDF: 354KB
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