Decreasing Term Insurance

Decreasing term insurance is a form of life insurance that pays an ever decreasing amount as a payout on the death of the insured. The lump sum amount paid out is calculated on a straight line scale that reduces to zero by the end of the term. Read more...>

Cover Details

1. Type of Cover Life Insurance Only Life Insurance with Critical Illness
2. Amount of Cover (£)
3. Over What Term (yrs) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59
4. Level or Drecreasing Cover Level Decreasing
5. Premium Type Guaranteed Reviewable

Single Application

1. Title Mr Mrs Ms Sir Dr
2. First Name
3. Last Name
4. Smoker? No Yes
5. Date of Birth 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 January February March April May June July August September October November December 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Joint Application - if applicable

1. Title Mr Mrs Ms Sir Dr
2. First Name
3. Last Name
4. Smoker? No Yes
5. Date of Birth 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 January February March April May June July August September October November December 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Your Details

1. House Name / No
2. Street Address
3. Town / City
4. Post Code
5. Home Telephone
6. Work Telephone
7. Mobile Telephone
8. Email Address

Decreasing Term Insurance Advice

The premiums are fixed at the start of the term and do not reduce with time. For people who have a mortgage or other loan that is regularly paid off leaving less to pay each year the decreasing term insurance can be calculated to cover the full repayment.

As with other forms of life insurance the level of premiums are calculated against a number of personal as well as well as financial factors. The cover required will be at its highest at the start of the policy and then the length of the term will be decided by the insured in relation to the length of time the mortgage or loan runs for.

Just like level term insurance the premium will also take into account medical factors such as family health history, whether the insured is a smoker and how much alcohol they drink. Insurance companies base their business on assessing risk factors and that is how they calculate all life insurance premiums including decreasing term.

The premium is usually paid as a monthly direct debit these days as forgetting to pay the premium may invalidate the cover.

There is no cash-in value to a decreasing term insurance policy. The insured cannot stop payments and ask for their money back and there is no payment at the end of the term if no claim has been made.

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