Cover your Mortgage with Decreasing Term Life Insurance
A decreasing term life insurance policy will pay out a sum that reduces over the lifetime of the policy as your mortgage balance decreases.
Decreasing term life insurance is often used in conjunction with a repayment mortgage where, as you pay off your mortgage, there is a decreasing debt outstanding. For example:
You take out decreasing term life insurance policy based on your initial mortgage of £100,000 over a 25 year term.
The premium is fixed at £20 per month for the whole term
By year 24 if you had paid off £95,000 of your mortgage and you die, your family would receive a sum of approximately £5,000
Are you worried about what would happen to your home and your family if you died unexpectedly and they lost your income? Check out the latest life insurance deals today by completing our quote request form: