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Life Insurance Decreasing Cover

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What is Life Insurance Decreasing Cover?

This type of policy is often purchased when a specific debt needs to be cleared which is reducing over time. A term life insurance decreasing policy will pay out if the borrower, or his or her partner, passes away.

It is also commonly known as mortgage decreasing term insurance as it is often used by homeowners who want to ensure their mortgage will be paid off should they die. Many mortgage lenders will not agree to a mortgage if the buyer does not have or take out a life insurance policy, as this provides them with a safety net as well as your family.

However, not all decreasing term life insurance policies are taken out for the sole purpose of covering mortgages. Another common reason is that people aren’t always happy with the terms of other policies. For example, some feel like such a large payout should they die in 20 years isn’t necessary and would prefer it to cover 10 years, in order to save money on premiums.

It is worth noting that a decreasing life insurance policy is not appropriate for interest-only mortgages due to the capital debt that gets repaid at the end of the mortgage term.

How much does life insurance decreasing cover cost?

With this type of decreasing life insurance policy, your monthly premiums will increase as your age does, as you’re more likely to become susceptible to certain illnesses and injuries. Because of this, we would recommend looking at taking out this policy sooner rather than later.

Should I get decreasing life insurance?

The type of life insurance decreasing cover you should get depends on your personal circumstances, and a professional will be able to advise on what type is best for you. Some people choose decreasing life insurance cover because the monthly premiums are lower than they would be with a level term cover.

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Before making any final decisions on your chosen policy, we would recommend seeking advice from someone who is an expert in this field. Get in touch with our team today, who would be more than happy to provide guidance.

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