Joint Decreasing Term Life Insurance - Mortgage Protection That Reduces
TL;DR
Decreasing term life insurance is commonly used for repayment mortgages. The payout reduces over time, roughly in line with the mortgage balance, so it’s usually cheaper than level term. It’s designed to help repay the mortgage if you die during the term.
This guide explains everything you need to know about this type of cover, including how it works, what affects the cost, and whether it's right for your situation. Our FCA-regulated advisers can help you compare options from leading UK providers.
Key Points
- Your family receives a guaranteed payout if you die during the policy term
- Term cover runs for a fixed number of years you choose
- Whole of life guarantees a payout whenever you die
- Decreasing cover matches your reducing mortgage balance
Who Is This For?
Life insurance is particularly important if you have a mortgage, dependants, or anyone who relies on your income. If your death would cause financial hardship for others, life insurance provides essential protection.
Next Steps
Our FCA-regulated advisers can help you find the right life insurance policy for your circumstances. We compare the whole market to find cover that fits your budget and protects your family.
Frequently Asked Questions
Related Topics
Content reviewed: January 2026
CeMAP awarded by The London Institute of Banking & Finance. Cert CII (MP) awarded by the Chartered Insurance Institute.