Decreasing Term Life Insurance is an insurance product that is similar to Level Term Life Insurance except that is usually used to protect against a debt, think Mortgage. As the amount you owe on the mortgage decrease over time, so does the amount that you are covered for.
What this means is that if you die during the lifetime of your policy then your debts will be cleared, and your family will not be left with repayments that could become unaffordable.
How does Decreasing Term Life Insurance work?
When you speak to us about your life insurance, we will get an understanding of your situation and be able to advise on the type of insurance that you need. If you have a mortgage, it is likely that we will suggest a decreasing term policy.
You will provide us with the details of your mortgage, amount outstanding and final repayment date, and we will be able to advise the correct amount and term you need to be insured for.
Payments for Decreasing Term Policies can be lower than Level Term Insurance, but this is because the payments are the same through the lifetime of the policy, they do not reduce as your amount of cover reduces.
Do I need Decreasing Life Insurance?
Whether you need a Decreasing Life Policy or not is dependent on your personal situation. The main reason our customers take out a policy like this is to cover their mortgage. At Prima Life, you will have the use of our qualified insurance advisors who will be able to ensure you get the cover that is right for you and your situation.
Speak to us today about your Life Insurance and allow one of our advisors to help you get the cover you need. No pressurised sales team, just qualified advisors.