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Decreasing Term Life Insurance covers you for a set term and pays out a lump sum if you die during the policy term. Decreasing Term Life Insurance, which is sometimes called mortgage protection assurance, is where the sum assured decreases over the term of the policy. People looking to protect their repayment mortgage in the event of death, although it can be used to protect the repayment of a reducing debt – such as a loan, or school fees etc, typically purchase it. Premiums for a decreasing policy usually remain level throughout the term. For-Insurance recommends decreasing term life insurance policies as a way to insurance financial obligations that reduce with time, such as mortgages or other amortized loans. The amount of cover decreases over the term of the policy and is usually designed to tie in with the outstanding amount on your repayment mortgage. As the life cover reduces the monthly premium remains constant over the term of the policy. With some policies you can add on additional options, like critical illness cover.

These kinds of insurance policies will pay your mortgage in the event of death or disability. But the cost of these policies can be three to five times as much as comparable straight term-life insurance. Plus, the value of this insurance actually goes down as you pay down your mortgage. The idea of decreasing term life insurance is to help cover the value of the remaining mortgage during the term of the policy. As you pay off your repayment mortgage each month, the sum you will need to cover the remaining mortgage decreases and therefore the life insurance cover you need to pay it off is less.

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