Decreasing Term Life Insurance
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:
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You take out decreasing term life insurance policy based on your initial mortgage of £100,000 over a 25 year term.
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The premium is fixed at £20 per month for the whole term
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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 and they lsot your income? Check out some of the latest life insurance deals in the table below:
Life Insurance
Quote Basis:
The figures above are based upon £100,000 life insurance only cover for female aged 30, non smoker and in normal health. Quotation based on 25 year level term and sourced on a guaranteed basis. (details correct as at June 2009).
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