Decreasing Term Assurance
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Decreasing Term Life Insurance (sometimes called mortgage protection assurance) is where the sum assured decreases over the term of the policy. This type of policy is typically purchased by people who want to protect their repayment mortgage in the event of death.
As the outstanding mortgage balance reduces every year, so does the level of insurance. The purpose of this type of plan is to repay any capital you owe if you died.
If you need any more information, then simply speak to an expert today.