What is decreasing term life insurance?
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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.
Last reviewed:
Reviewed by Kaiser Khan
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.
Primary source: gov.uk/life-insurance
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