Decreasing Critical Illness Cover

Pays out a lump sum in the event of death, earlier diagnosis of a terminal illness or meeting the definition of one of the named critical illnesses within the term of the plan, or pays an additional payment in the event of carcinoma in situ of the breast and low grade prostate cancer. The sum assured reduces throughout the term at a rate chosen by the customer of 7%, 8%, 9% or 10% per annum.

This contract offers both guaranteed and reviewable premiums.

Amount of Cover

  • No minimum sum assured. Driven by minimum premium.
  • Maximum sum assured:
    £3 million - if Specific Work Tasks definition under TPD applies, or
    £2 million - if Own Occupation definition under TPD applies.
  • The amount of cover decreases roughly in line with the way a repayment mortgage reduces during the term of the policy.


  • The minimum term allowed is 5 years (2 years if Life Insurance with Critical Illness Cover is chosen).
  • The maximum term allowed is 40 years.

Age restrictions

  • The minimum age to take out a policy is 18. It is possible for a life of another policy to be taken out on a 17 year old by an adult with insurable interest. This policy can then be placed in an Absolute trust with the 17 year old as the beneficiary. 
  • The minimum age at the end of the policy is 29.
  • The maximum age for buying a policy is 64.
  • The policy must end by their 70th birthday.


  • Reviewable.
  • Payable monthly or annually by Direct Debit.

Options available

Benefits automatically included

Other information

  • For joint life policies, benefit is paid on the first critical illness claim or death, whichever occurs first.