What is Decreasing Term Insurance?

Decreasing Term Insurance is term life insurance where the value of the sum insured steadily decreases from the date the policy begins, to the date the policy expires. The intervals between the decreases tend to be either monthly or annually but usually the premium remains the same for the whole period.

The most common form of decreasing term insurance is Mortgage Life Insurance - where the sum insured decreases. It is used to protect a Repayment Mortgage. If you have an Interest Only Mortgage you’ll need Level Term Life Insurance.

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