Decreasing Term Assurance

Decreasing term life insurance is sometimes known as Mortgage Life Insurance.

You can take this type of life insurance on your own, or with your partner as a joint plan.

Mortgage Life Insurance is designed specifically to protect a repayment (capital and interest) mortgage. The cash lump sum payable is designed to help pay off the outstanding balance of your mortgage.

You choose the amount of cover you need and the length of the plan. The premiums you pay usually remain the same throughout the plan term, however the cash lump sum payable decreases to reflect your decreasing mortgage loan. The plan has no cash-in value at any time.