How can we help you?
Categories: My cover , Life insurance

What’s life insurance with decreasing cover?

If you have a Life Insurance Policy with decreasing cover, the cover amount decreases over time, broadly in line with the repayment mortgage or long-term loan that you’re repaying. Your premiums stay the same during the term of the policy, unless you make changes to the cover. Decreasing cover usually costs less than level cover. The policy will pay out if you die, or are diagnosed with a terminal illness before the last 12 months of the policy term and you aren’t expected to live longer than 12 months. The policy only pays out once and has no cash value at any time.

If this article wasn't useful try searching again:
Couldn't find the answer you were looking for?
Contact us
Email is required!
Not valid email!
Something went wrong, please try again!
Email sent! Please allow a few minutes for the email to appear in your inbox.