Decreasing Term Assurance is usually used to protect a loan repayment, such as a mortgage that reduces in value as the loan is gradually repaid. This type of insurance is the simplest and cheapest form of life assurance. The main features of Decreasing Term Assurance are:
Please note that this type of insurance has no surrender value, and no money is paid out if you survive the policy term. If you increase your mortgage you will need to take a new policy to cover your extra borrowings.
It is always a good idea to regularly review your life cover and make sure it adapts to your changing circumstances and needs. The cost of life insurance has been coming down in recent years, as the providers compete to get your business, so while you may have the right level of cover, you could be paying to much for it.
North East Mortgages - Mortgage Brokers and Protection Advisers are 'Whole of Market' advisers, so we can look at all the main providers who are active in this market, and produce you with the most competitive quote.
Please contact us for your free no obligation quotation.