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Decreasing Life Insurance

Decreasing life insurance can help your beneficiaries pay off mortgage repayments when you’re gone. Trust The Insurance Surgery to find the best decreasing term life insurance quotes for you!

What Is Decreasing Term Life Insurance?

Decreasing life insurance is a type of term life insurance which is generally used to pay off debts and mortgage repayments. The payout for this type of life insurance policy decreases over time, usually in line with the sum of money remaining on a mortgage. This means your beneficiaries can continue living in the family home even after you’re gone.

How Does Decreasing Life Insurance Work?

STEP 1

Complete Form

STEP 2

Speak to us about your needs

STEP 3

We’ll search the market

STEP 4

We recommend the best product to suit your needs

STEP 5

Tell us when you want it to start!

When taking out decreasing life insurance, you first have to decide how long you would like your term to last and how much you would need your payout to be to best support your beneficiaries. Let’s say you have a 30-year mortgage; we’d recommend taking out a decreasing term life insurance policy that matches that timeframe!

An insurer may, first, be interested in knowing:

Your mortgage costs

Your income

Your age

Your medical history

You should consider life insurance if you have…

Dependants, like school-age children.

A partner who relies on your income.

A family living in a mortgaged or rented home.

In the event of your passing, a life insurance policy can provide financial support for your loved ones. You could also consider funeral cover, which pays for funeral expenses – easing the burden on your family during a difficult time.

However, you should check if you’re already covered through your employer’s benefits package, which often includes ‘death in service benefits’ linked to your salary. If so, you might not require an additional policy, BUT keep in mind that leaving your job or being made redundant could leave you without any cover!

Do You Need Life Insurance?

If you’re the primary breadwinner or share financial responsibilities, a life insurance policy can help your family maintain their standard of living in the unfortunate event that you’re no longer around to support them.

Life Cover Terminology

Understanding life insurance terminology is essential for policyholders to make informed decisions about their cover, we have broken down the meaning for some of the most used terms.

Why Choose The Insurance Surgery?

Rated ‘Excellent’ on Trustpilot.

We take pride in the experience that we offer, guaranteeing excellent service at all times.

25 years Experience.

With 25 years of specialist life and protection experience, we can find the perfect policy for you.

Access to a range of insurers.

With a broad selection of partners, we are well-equipped to find the best insurance deals for you.

Award-winning broker.

Known for making insurance simple, The Insurance Surgery is a trusted, award-winning broker.

How Much Does Decreasing Term Life Insurance Cost?

When it comes to decreasing term life insurance, the costs will differ from person to person and can depend on an individual’s mortgage costs. Insurers will also take into account the factors listed previously, as well as how long your mortgage will last.

One of The Insurance Surgery’s dedicated experts will have no problem giving you a general idea of how much you can expect to pay in monthly premiums after a conversation about your circumstances and requirements, so don’t hesitate to get in touch!

For a clearer idea of the average cost of life insurance, visit our Guide.

How Much Decreasing Term Life Insurance Do You Need?

If you’ve chosen to opt for a decreasing term life insurance policy rather than whole of life insurance, our experts will recommend taking out a policy that matches the amount of time left on your mortgage. It doesn’t matter whether you’ve just bought your first home or are 15 years into paying your mortgage; decreasing life insurance can provide that financial security and peace of mind.

Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm

Facts About Life Insurance.

Life insurance can serve multiple purposes, including income replacement, wealth transfer, estate planning, and business succession. But how does life insurance shape up with the UK population?

7.5 million families

in the UK have no life insurance or critical illness cover.

£40,000

The average life insurance policy in the UK covers only about £40,000.

28%

of UK adults believe life insurance is too expensive.

96.9%

of all protection case claims were paid in 2024

Price Promise.

Obtain a cheaper quote elsewhere, we’ll beat the price and also give you a £50 gift card!*

We are committed to offering unbeatable prices. Our
Price Promise ensures that we will find you the right
cover for your circumstances.

Frequently Asked Questions

How much does decreasing life insurance decrease by each year?

Decreasing life insurance can decrease at different set rates depending on your insurer. Generally, you can expect your policy to decrease between around 6-8% each year.

Is decreasing life insurance worth it?

Absolutely. If you’re keen to ensure that your home stays in the family when you’re gone, decreasing term life insurance can be an amazing way to pay off your lasting mortgage repayments and support your family financially.

Can I cancel decreasing term life insurance?

Yes, of course. If you have any questions or concerns regarding your policy during its term, don’t hesitate to get in touch with The Insurance Surgery to discuss your many options – including cancellation.

Am I eligible for decreasing life insurance?

This type of life insurance is best suited for those specifically looking to pay off a mortgage. If your beneficiaries are financially secure enough without your income to cover other expenses, this may be the only type of life insurance you require.

Get in touch with The Insurance Surgery to find out if your circumstances make you eligible for decreasing life insurance.

How Can The Insurance Surgery Help?

The Insurance Surgery is keen to help you find the best decreasing term life insurance. We appreciate that finding the perfect quote can be difficult and that there are many things to consider, but that’s what we’re here for! With 25 years of experience, you can rely on your dedicated advisor at The Insurance Surgery to offer tailored advice.

So get in touch with The Insurance Surgery today and trust us to find you the perfect decreasing term policy life insurance and relax into the idea that your family’s finances are protected after you’re gone.

Get a Quote

Life insurance is unique – just like you.

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Decreasing Life Insurance

What Is Decreasing Term Life Insurance?

How Does Decreasing Life Insurance Work?

Your mortgage costs

Your income

Your age

Your medical history

You should consider life insurance if you have…

Life Cover Terminology

Why Choose The Insurance Surgery?

Rated ‘Excellent’ on Trustpilot.

25 years Experience.

Access to a range of insurers.

Award-winning broker.

How Much Does Decreasing Term Life Insurance Cost?

For a clearer idea of the average cost of life insurance, visit our Guide.

How Much Decreasing Term Life Insurance Do You Need?

Speak to our team of experts for FREE specialist advice today.

Monday to Thursday:

Friday:

Facts About Life Insurance.

7.5 million families

in the UK have no life insurance or critical illness cover.

£40,000

The average life insurance policy in the UK covers only about £40,000.

28%

of UK adults believe life insurance is too expensive.

96.9%

of all protection case claims were paid in 2024

Price Promise.

Obtain a cheaper quote elsewhere, we’ll beat the price and also give you a £50 gift card!*

Frequently Asked Questions

Life insurance is unique – just like you.

Life Insurance for Parents

Life Insurance for Dads

Life Insurance for Sports & Hobbies​

Life Insurance for Self-Employed

Income Protection

Life Insurance for Smokers

For More Information, Check Out Our Latest Blogs

Monday to Thursday:

Friday:

Speak to our team of experts for FREE
specialist advice today.

Life Insurance for Sports & Hobbies