A Decreasing Term Life
Insurance policy is one of the most
effective ways in which one can protect
themselves if one has a repayment
mortgage. The amount sum assured reduced
in the same way that a repayment
mortgage does. If you take a repayment
mortgage over 25 years of £100000 debt
you can see from the graph below how the
debt reduces.
Click Image for
Larger picture
For someone with the repayment mortgage
above a decreasing term life insurance
policy should be set up. It would have a
term to run of 25 years. It would have a
sum assured of £100000. If the mortgage
is in joint names then the policy should
be joint also. Unless the policyholders
have kids and then it may be worth
looking at
2 single life insurance
policies. Another option can be to
add critical illness cover again for a
repayment mortgage a
decreasing critical illness cover
could be the best option.
Decreasing term life life insurance is
the most effective way of covering
several types of protection needs.
- Repayment Mortgage - As looked at
above.
- Certain types of inheritance tax. -
Through a Gift Inter Vivos Insurance
Policy.
- Business Loans - With the sum assured
set to match the loan and the interest
rate set to match that of the loan.
Again it is best to get advice from a
financial adviser. Use the short enquiry
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