Decreasing Term

Decreasing Term Life Insurance

Decreasing cover reduces over the term and is often used to protect against a repayment mortgage.

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Life Insurance Basics

Who is Decreasing Term Life Insurance for?

Designed for those who require less cover over time, Decreasing Term Life Insurance is the cheaper alternative to Level Term Life Insurance, and can provide cover for debts such as mortgages and long term loans, where you are likely to require less cover as the debt reduces over time.

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Maybe for you if…

  • You want to pay off some or all of your repayment mortgage (with an interest rate of 8% or less)
  • You have other long term debts that reduce over time (our minimum term is 5 years)

Maybe not for you if…

  • You have an interest-only mortgage
  • You require a specific lump sum to help pay off debt
Decreasing Term Life Insurance Cover

What is Decreasing Term Life Insurance?

Reviti Decreasing Term Life Insurance can be used, for example, to help your family pay the mortgage if you die.

This policy decreases like a repayment mortgage or other debt, which means that your payout reduces over time.

Which Life Insurance policy is right for me?

Life Insurance can be confusing, but Reviti makes it simple. Our handy guide will take you through the different types of policies that will suit your needs.

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Level Term vs Decreasing Term

With a Level Term Life Insurance policy, your family will be paid the pre-agreed lump sum, if you die within the term. For Decreasing Term Life Insurance, the cash sum payout reduces throughout the policy length.

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What does Decreasing Term Life Insurance cover?

Providing a lump sum for your loved ones if you die within the term of the policy. The payout of Decreasing Life Insurance reduces over time as your financial commitments reduce. The majority of people use this if they have a repayment mortgage.

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Decreasing Term Life Insurance

How does Decreasing Term cover work?

  • Your monthly payments will stay the same for the term of the policy
  • The amount of insurance cover decreases over the length of the policy so you will have a higher level of cover in the early years, decreasing over the term of the policy
  • Protect your loved ones if you die

Cover amount decreases

Monthly payment stays the same

Years of cover

Frequently asked questions

You’ve got questions. We’ve got answers.

How do I know how much Life Insurance cover I need?

You’ll need to consider a few things, like any specific lump sum you’d like to leave, how old your children are and how long they may be financially dependent on you, how long before you retire, your mortgage or rent commitments and other debts.

What type of cover do you offer?

You can choose between decreasing cover or level cover. Decreasing cover reduces over the term and is often used to protect against a repayment mortgage, so as you pay off more of your mortgage (and therefore owe less to your bank or building society) the amount of Life Insurance reduces. Level cover will pay a set lump sum that will not change during the term of the policy.

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