Decreasing Term Assurance

Decreasing term assurance cover specifically provides an amount of life cover for a pre-defined term. There are two types of term insurance cover available depending on your needs, and your budget. The first type is Level term insurance, which is quite simply an amount of life cover designed to pay out a lump sum on premature death and will provide this cover for a specific term in years.

The other type of cover is decreasing term insurance and this differs from level term in that the cover will reduce throughout the term of the policy. Typically, this type of policy is used to protect a loan or mortgage where the balance of the loan reduces over time or where there is a diminishing liability over time. Decreasing term insurance cover is usually cheaper than level term insurance because the amount of cover reduces over time thereby limiting the liability for the insurer.

There is usually an option to add critical illness cover as an optional extra and this allows you to add an amount of cover that will pay out on the diagnosis of one or more of a specified number of serious illness conditions, the full list of illnesses covered is too large to cover here and will vary slightly by insurer so it’s best to seek advice regarding the best type of cover for you.

It is worth noting, however, all life and critical illness policies are subject to medical underwriting so obtaining cover cannot be guaranteed.

Guaranteed and reviewable premiums

There are essentially two types of premium with term insurance. Guaranteed, meaning the premium is guaranteed to remain at the same level throughout the term of the policy and reviewable. The latter allows the insurer to review the premiums in future years, usually every 5 years in line with their own claims experience and potentially increase the premiums in return for a lower initial premium.

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How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.

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This should be the approximate amount currently outstanding on your mortgage.

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Debts do not ordinarily die with you so ensuring there is enough capital to repay any additional borrowing in the event of your passing will prevent your loved ones being pursued for your debts.

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If you wish to leave a lump sum inheritance to a loved one place it here.

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According to Dignity, the average cost of a funeral in the UK today is almost £5,000 but may be more depending on your requirements.

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The Child Poverty Action Group estimates the cost for a couple to bring up a child from birth to age 18 at £160,692 in 2021.

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Add up any existing life insurance plus any cover you may hold with your employer plus any savings as this will reduce your overall life cover requirement.

Your total cover estimate

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