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Life Insurance Mortgage Protection or Decreasing Term Assurance* |
| Quick links: Home Level Term Assurance Mortgage Protection Family
Income Benefit Personal Income Protection Accident Sickness & Redundancy Cover |
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| Protection for Repayment Mortgages | |
| If you have a repayment mortgage, then your lender may insist you have adequate life cover. With a repayment mortgage the mortgage is continually reducing and consequently the level of cover can also reduce accordingly. Decreasing term assurance is designed to ensure that on the death of the life assured, the remaining mortgage is repaid. | |
| Most plans will cover interest rates up to 14% which is generallly considrerd adequate and some will cover the mortgage irrespective of interest rates. Since the level of cover is constantly reducing, costs are kept to a minimum. | |
| As this cover is normally associated with a mortgage, putting the plan in trust is not normally possible or appropriate. | |
| There is no element of savings to this type of plan, so you cannot cash it in at any point. This however does help to make it a very cost effective way of protecting your mortgage. | |
For a personal illustration,
click the bee 
and complete the response form |
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| * PIA does not regulate Term Assurance | |