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Decreasing Term Assurance
Protection advice from ASC Financial Solutions – Milton Keynes, Buckinghamshire
Decreasing Term Assurance is the least expensive of the Term Assurances. This type of Life Assurance is commonly used to protect Capital and Repayment mortgage debt. The level of benefit decreases as the term of the policy runs, however the premiums remain the same and are fixed throughout the policy term.
The premium level is lower than that of Level Term Assurance as a result of the decreasing benefit.
Decreasing Term Features
- Provides a lump sum on death or terminal illness which can be used to cover outstanding repayments on a mortgage or loan.
- The level of cover reduces each year in line with the sum you owe.
- If you die within the term of the policy, it will pay out a lump sum, to help clear whatever is outstanding on your debt at that point.
- This plan has no cash-in value at any time.
- Cover will cease if payments are not met.
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