What is Decreasing Life Insurance?
Help protect your loved ones. Premiums from only £6 a month.
What is Decreasing Life Insurance?
Decreasing Life Insurance is designed to help protect a repayment mortgage so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.
How does Decreasing Life Insurance work?
It could pay out a cash sum if you die or are diagnosed with a terminal illness (life expectancy is less than 12 months) while covered by the policy. The amount of cover you choose will decrease throughout the length of your policy.
You choose the amount of cover you need and how long you need it for. You can take out Decreasing Life Insurance in joint or single names and you can pay your premiums monthly or annually.
- Premiums start from only £6 a month depending on your needs and circumstances
- Option to add Critical Illness Cover for an additional cost when taking out cover
- Additional benefits included at no extra cost when you take out this policy
Who needs Decreasing Life Insurance?
It will depend on your own needs and individual circumstances and we don’t provide personal recommendations. Our Decreasing Life Insurance product is designed to meet the demands and needs of people who want to help protect a repayment mortgage.
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0800 0481 560
Monday to Friday 9am to 5pm
Saturday 9am to 1pm
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Product details
What's covered?
- You'll be covered if you die or are diagnosed with a terminal illness (life expectancy less than 12 months) within the length of the policy.
- You choose the amount of cover you need and how long you need it for.
- The amount of cover reduces roughly in line with the way a repayment mortgage decreases.
- 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.
What's not covered?
- You won't be covered if within the first year of the policy, 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 the terminal illness does not meet our definition
- You won't be covered if the premiums under the policy are not up to date
- You won't be covered if a terminal illness claim is made after death
Important information
Life cover is not a savings or investment product and has no cash value unless a valid claim is made.
If your life insurance is to cover your mortgage, your policy may not completely pay off your outstanding mortgage unless you ensure that your amount of cover is adjusted to match any new mortgage arrangements.
You must also check that the interest rate applied to your mortgage does not become higher than the interest rate applied to your policy.