Decreasing Life Insurance, what’s that?
Moving house, or buying for one for the first time make sure you have life cover that’s right for you.
When choosing a life policy taking out “Decreasing Life Insurance” you do so to help cover the repayment of your mortgage or loan which is paid out as the lump sum to pay off the balance outstanding. The amount on your mortage outstanding should if on an interest mortgage reduce and will run inline with your “Decreasing Life Insurance” reducing the amount of pay out until your mortgage has been paid off.
The cost of cover you might need may change and will depend on your own personal changing circumstances.