Decreasing Term Life is specifically designed to protect your repayment mortgage or other large financial commitments. The policy will pay a tax-free lump sum directly to your chosen beneficiary should you pass away, or are diagnosed with a terminal illness during the term specified in your policy. Other important features:
The cover decreases monthly at roughly the same rate is the balance of your mortgage
Provides cash sum to your loved ones and is suitable to cover an interest only mortgage.
Since the cover decreases the premiums are more affordable as compared to Level Term Life Insurance.
Premiums are guaranteed not to increase, unless you opt to increase your benefit.
Guaranteed Insurability add-on allows to increase the amount of coverage with no additional medical exams.
Critical Illness Cover can be added to provide more security in the event of a serious illness.
The policy has no cash value or investment elements.
Decreasing Term Life Insurance is available as a single or joint policy. The joint policy will payout when the first person dies at which time the policy ends.
For a quick quote on Decreasing Term Life Insurance please complete a short enquiry and we will be happy to assist you.