Disclaimer: This page is to be used as a resource if you are considering life insurance. nowsure does not offer decreasing term life insurance.
Are you trying to decide whether level term or decreasing life insurance is the right choice for you? Each one has unique features, that we will explore.
At nowsure, we work with the UK’s top insurance providers to offer affordable life insurance plans that our customers can rely on. We help you decide by drawing a handy comparison. So, let’s get started!
Level Term and Decreasing Life Insurance: Key Differences at a Glance
The differences between level term and decreasing life insurance can be narrowed down.
Level Term Insurance
Decreasing Life Insurance Explained
A decreasing life insurance policy is specifically designed to cover repayment mortgages.
Decreasing life insurance provides coverage that reduces over time. This is in line with the decreasing balance of the mortgage as it gets paid off. This is unlike level term life insurance, where the payout that your beneficiaries would receive remains constant throughout your policy’s term.
The purpose of decreasing life insurance is to provide mortgage protection to the policyholder’s family in the event of their death.
Pros and Cons of Decreasing Life Insurance
People who may want to consider this type of insurance include homeowners who have a repayment mortgage or those with declining financial responsibilities.
It is important to remember that choosing the most suitable type of life insurance completely depends on your individual circumstances. We have an online life insurance calculator that can help you to decide how much cover you might need.
Have a Mortgage or Other Expenses to Consider? Get in Touch Today!
At nowsure, we have created a hassle-free comparison service that makes it easier for people with busy schedules to find insurance which is suitable for their needs and their budget. We work with a panel of trusted insurers to offer tailored insurance plans that our customers know they can rely on.
Please do not hesitate to contact us for more information. We are always happy to help you.
Ready to get cover? Get your hassle-free quote today.