Get a £120 gift card after you take out cover

Decreasing Life

  • From £5 a month, only 20p a day
  • Fixed premiums
  • UK's Number One Life Insurance provider**
Find out more
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What is Decreasing Life Insurance?

Our Decreasing Life Insurance is a type of insurance that's designed to help protect a repayment mortgage and is a common consideration when buying a home. Mortgage life insurance could pay out a cash sum if you were to pass away while covered by the policy or if you were diagnosed with a terminal illness provided life expectancy is less than 12 months. With this type of insurance, the amount of cover reduces roughly in line with the way a repayment mortgage decreases.

With the rising costs of living, many of us are finding we have less disposable income so having cover in place could mean your loved ones get to stay in their family home without the worry of mortgage payments after you're gone.

How does Decreasing Life Insurance work?

You choose the amount of cover you need and how long you need it for. If you’re using Decreasing Life Insurance to help protect a repayment mortgage, it’s important to make sure that the amount of cover matches your outstanding mortgage. You can take out a policy in joint or single names. 

Here are some great reasons to choose us:

  • Fixed monthly premiums from £5, depending on your circumstances, so you can plan ahead - no surprises!
  • No-one covers more families in the UK than us** (based on new life insurance sales).
  • In 2023 we paid out £519 million in life claims. Helping more than 13,000 people and their families.
  • Get a quote online in 2 minutes, you could be covered in just 20.
    Option to add Critical Illness Cover when taking our your policy.
  • Wellbeing Support. We've partnered with RedArc Assured Limited to bring you access to our Wellbeing Support service. Their registered nurses provide a wide range of phone-based wellbeing services, supporting your wellbeing and mental health. Find out more.
  • Care Concierge Free access to our team of Care Experts, this confidential and impartial telephone advisory service can help you or loved ones understand and find later life care. Find out more.

This page was last reviewed by our team of financial protection experts on  30 August 2023.

Or call us on 0800 316 5591
8:30am to 8pm Monday to Friday
9am to 1pm Saturday

We may record and monitor calls

Free £100 gift card

Receive a £120 gift card

after you take out cover on or before 1st July 2024

Restrictions apply, see

Life Insurance cover details

What's covered?

  • You'll be covered if you die or if you're diagnosed with a terminal illness (with a life expectancy of less than 12 months) within the length of the policy.
  • You choose how much cover you need and how long you need it for.
  • Premiums are guaranteed and will not change unless you make changes to the policy.
  • Additional benefits are included at no extra cost, such as Free Life Cover and Accidental Death Benefit. Terms and conditions apply.
  • You have the option to add Critical Illness Cover at an extra cost when you take out your life insurance policy. 

Please read the key documents before you apply:

Things you need to know

  • This is not a savings or investment product and has no cash value unless a valid claim is made.
  • If you stop paying premiums when due, your plan will be cancelled and you won't get anything back.
  • You won't be covered within the first year of the policy if you die as a result of suicide or intentional and serious self-injury, or an event where, in our reasonable opinion, you took your own life.
  • You won't be covered if your terminal illness does not meet our definition. See the Policy Booklet PDF(3.2MB) for more information.
  • If your life insurance is to cover your mortgage, your policy may not completely pay off your outstanding mortgage unless you make sure your amount of cover is adjusted to match any new mortgage arrangements. If you take out Decreasing Life Insurance you should also check that the interest rate on your mortgage does not become higher than the rate applied to the policy. The rate will be shown in your Personal Quote or the Policy Booklet.

Ready to get a decreasing life insurance quote?

Call us on:

0800 316 5591

8:30am to 8pm Monday to Friday
9am to 1pm Saturday

We may record and monitor calls.

Decreasing life insurance explained

Do I need decreasing life insurance?

If you own a property, a mortgage is likely to be the biggest debt you leave behind should the worst happen, so having a policy in place can help give you and your loved ones peace of mind.

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Decreasing Life insurance FAQs

You must be a UK resident and 18 years of age at the time of applying and the policy must not end before your 29th birthday. The maximum age for buying a Decreasing Life Insurance policy is 74, and your policy must end before age 90. The minimum length of the policy is 5 years, and the maximum length is 50 years.

Please read our Policy Summary PDF for more details.

We recognise that sometimes your protection needs change, so you can request any of the following changes to the policy:

  • extend or reduce the period of cover
  • increase or decrease the amount of cover
  • remove a life from a joint policy

We also offer 'Joint life policy separation'. This allows a joint policy to be split into two new single policies if a couple divorce, dissolve their registered civil partnership or change a joint mortgage into one name or take out a new mortgage in one name. Your request must be made within 6 months of the event being finalised.

These changes could affect the premiums that you pay and we would have to assess any change based on your circumstances at the time.

Terms and conditions apply. Please read the Policy Booklet PDF for full details.

You can add Critical Illness Cover for an extra cost when taking out Life Insurance or Decreasing Life Insurance. It could pay out a cash sum if you’re diagnosed with or undergo a medical procedure for one of the specified critical illnesses that we cover, and you survive for 14 days from diagnosis. We cover many types of cancer, heart attack and stroke. However, some types of cancer are not included and to make a claim for some illnesses, you need to have permanent symptoms.

Please remember that these policies are not savings or investment products and have no cash value unless a valid claim is made.

If you buy Life Insurance or Decreasing Life Insurance with or without Critical Illness Cover directly from Legal & General, you could be eligible for a free gift card six months after your policy start date provided you haven’t cancelled your policy and your payments are fully up to date. If you have previously held and cancelled a Legal & General life insurance policy, with or without Critical Illness Cover within the last 18 months, you will not be eligible for this offer. 

This offer is only available if you apply directly to Legal & General. If you apply through a Financial Adviser, or any website other than Legal & General’s, such as a comparison site, you will not be eligible for the free gift.

Read the full terms and conditions.

Yes, you can cancel your life insurance policy at any time. After applying for cover you'll have 30 days to contact us to change your mind if you decide not to continue with the policy. You can also do this if you register and login into My Account, however this must be done within the first 30 days of your policy starting.

If you cancel within 30 days we will return any premiums paid. If you cancel after 30 days you won't get anything back.

If you’d like to discuss your cancellation, you can speak to a member of our team on 0333 242 7101. You can write to us at: Cancellations Department, Legal & General Assurance Society Limited, City Park, The Droveway, Hove, East Sussex BN3 7PY.

When you applied for protection, you told us how long you needed cover to last. Your policy will remain live for this length of time as long as your premiums are up to date.

The easiest way to view and manage your policy is to access My Account where you can log in or register. Or use the Policy Documents Request Form to get a policy summary by email. We can only send to the email address that we currently hold on our records. Find out more about our Privacy Policy.

You could also check your bank statements for payments to other insurance companies.

Even though your policy may have been set up at the same time as you took out a mortgage, or made another financial commitment, they are separate products.

Your policy would pay out in the event of a valid claim during your policy term, whether or not you still have that mortgage or financial commitment in place.

It is at the discretion of your beneficiaries how they choose to use the proceeds in the event of a valid claim.

Are you eligible for decreasing life insurance?

Most people who apply are able to get cover for their needs, just make sure you answer all the questions truthfully when you apply. You are eligible to apply if you are:

  • at least 18 years of age
  • currently living in the UK and have spent at least 183 days in the UK in the last tax year. 

Why choose Legal & General for your life insurance

Life insurance provider of the year

Award winning cover

**We've been crowned 'Life Insurance Provider of the Year (Direct)' for the 5th time at the 2024 awards.

Number one rosette

The UK's No.1 Life Insurance Provider

*Based on new individual Life Insurance sales in 2023, Term & Health Watch report 2024, Swiss Re.

Defaqto 5 star expert rated image

Expert rated

5 Star Defaqto rated cover, the highest rating possible!

What is Wellbeing Support?

We know that the pressures of everyday life can sometimes be stressful, and can impact your wellbeing in lots of ways. That's why we've introduced Wellbeing Support Service. So whether you need a reassuring chat, some information, or help getting through a challenging time – to name just a few, they are here to help.

Support and help from a dedicated nurse can range from a reassuring chat, information, advice and guidance, to a clinical assessment and organising additional services.

Support is included as standard from day one of your policy. 

You don’t need to make a claim on your policy to get the help you need, you can get in touch with your nurse directly. 

Take a look at our dedicated Wellbeing Support hub and find out more.

Care Concierge

If you think that you or someone you know might need care, it can be difficult to know where to start looking or what your options are. Care Concierge is a confidential telephone advisory service that can help you understand and find later life care. Our Care Concierge team have extensive knowledge of the care industry and are completely impartial, allowing you to make an informed decision on the care option that is right for you.

Access to experts in later life care

Available to the policyholder, their partner, children and parents.

Tailored 1:1 impartial guidance.

Take a look at our dedicated Care Concierge page to find out more

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Making life insurance quotes easy

Getting life insurance quotes is one of those things that probably gets pushed to the bottom of the list. You may think it's going to be too complicated or time-consuming or you simply keep putting it off because it's not something you want to think about.

Ready to get a decreasing life insurance quote?

Call us on:

0800 316 5591

8:30am to 8pm Monday to Friday
9am to 1pm Saturday

We may record and monitor calls.

Read our product reviews