# What is decreasing term life insurance?

> Quick answer · Last updated 4 July 2026

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## In short

Life cover where the payout falls over the policy term — often in line with a repayment mortgage balance. Cheaper than level term because the insurer's risk reduces over time.

Suits repayment mortgages where debt falls each month. Less suitable if you need fixed family protection.

Compare with level term on our life insurance comparison guide.

Joint decreasing policies pay once on first death.

## Related

- [Compare life insurance](https://moneyguide.org.uk/insurance/compare-life-insurance-guide/)
- [Term life insurance](https://moneyguide.org.uk/insurance/term-life-insurance-explained/)

## Primary source

gov.uk/life-insurance

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Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.