Decreasing life insurance ensures that if you die, your loved ones won’t have to face the stress of paying off your outstanding debts or even having to move home at an already difficult time.
Decreasing life insurance is no use if you have an Interest only mortgage. For instance, on a buy-to-let property. Interest-only mortgages require you to pay back the full sum at the end of the term, and they’re unlikely to be covered by a decreasing life insurance policy.
Whether or not a decreasing life insurance policy is right for you will depend on your situation and your priorities.
Some good reasons to get a decreasing term policy include:
However, decreasing life insurance also has some drawbacks. These include:
I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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