This is a life insurance where your cover lasts for a pre-agreed period but unlike Level Life Insurance the amount of cover gradually decreases each year because it is designed to be used with a repayment mortgage where the outstanding loan also decreases over time. Decreasing Life Insurance is commonly referred to Mortgage Protection Insurance.
Usually, the cover term matches the length of your mortgage, and pays out if you were to die during that time. Decreasing term insurance pays out a tax-free lump sum if you were to die during the term of cover.
Decreasing Term Insurance is best suited for people with repayment mortgages. The pay-out is typically used for mortgage debt redemption.
Largely because the cover amount decreases over the term to zero by the end of the term assuming no claim, this makes Decreasing Term Insurance cheaper than a Level Term insurance. This cover is fairly simple and affordable.
leslyicdigitalDecreasing Life Insurance
If you need further advice Life Cover or help set up your cover just get in touch on our Sales Call Centre: +44 121 295 1116. Your Life Cover is a WhatsApp away: +44 770 3838 304
There are additional covers that can be added to Life Cover and these enhance the overall protection because Life Cover on its own does not cover eventualities like incapacity due to injury or illness or loss of income due to redundancy. So, one can take other cover over and above the life cover:
Every Diasporan originally from any of the following countries (by birth, by descent, by naturisation, by marriage, by registration) qualifies to be covered and you can cover yourself in the diaspora and your loved ones back home or anywhere in the world:
More and more countries will be added as we go along.
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