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Decreasing Term Mortgage Life Insurance

This type of Mortgage Life Insurance has a cover that reduces over time and is tied in to the balance of your mortgage. Therefore, as your debt to the mortgage lender decreases, so does the amount of the cover.

As an example if in year one, the balance of your mortgage is £300,000, your cover will pay out this amount should you pass away. In 25 years, if the outstanding balance is £5,000 this is the sum your beneficiaries will receive if you pass away.

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