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.
A Decreasing Term life insurance policy 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.
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| Insurer | Premium* |
| Via Fair Investment | £5.16 |
| Norwich Union | £6.90 |
| Friends Provident | £7.50 |
| Natwest | £9.80 |
*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 February 2008)
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