This insurance product is designed to pay off your outstanding mortgage balance if you were to pass away, whilst ensuring you’re not paying for cover you do not need or want.
If you don’t die before the Decreasing Term policy ends and you want to stay covered, you will need to take out another Life Insurance policy.
A Decreasing Term policy simply provides financial cover for your mortgage in the event that you pass away before you finish paying it off. This means that your loved ones won’t be left reeling in the wake of trying to continue paying the mortgage off and instead have peace of mind that the mortgage is taken care of.
Decreasing Term policies tend to be cheaper than Level Term and are designed for those looking to cover only their mortgages. It can sometimes be a requirement or request by the bank or building society providing the mortgage service that you have some form of Life Insurance in place before the mortgage starts, and a Decreasing Term Life Insurance policy can be an option for covering this. This policy is designed to ensure that the agreement with the mortgage lender can be settled, meaning your family don’t have to worry about paying the mortgage themselves.
To ensure that the remaining balance of your mortgage is completely covered, the policy chosen would need to reflect the amount left on your mortgage and how long you have left to pay it off. Policies also need to take into account your current mortgage interest rate and any potential rises.
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Covering you for a fixed period of time, this type of policy will pay out should you pass away within the selected period.
Used primarily to protect your home/mortgage which pays out less as time goes on.
Our most requested policy, guarantees a sum to be paid when you die with no expiry date.
Pays out if you develop one of a pre-defined list of critical illnesses whilst you are alive.
We are proud to offer over 50’s with our non medical cover which you will be guaranteed to cover.
You can name the beneficiary of the cover, giving you piece of mind that the right person receives the sum insured.
The guidance and/or information contained within this website is subject to United Kingdom (UK) regulatory regime and is therefore restricted to clients based in the UK. Simply Covered Limited, company number, 15247145, is registered with the Data Protection Act 1998 Registration No: ZB619632 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 1013170 an Appointed Representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 786245 and registered with the Data Protection Act 1988 Registration No: ZA178200
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