Decreasing Term | Money Wise Mortgages LTD | Mortgage Adviser Buckie | Mortgage Adviser Moray

Decreasing Term Assurance

With this type of policy, the premium is fixed throughout the term of the plan, but the level of cover reduces as the term of the plan does. This type of protection is the least expensive term assurance and is typically used for mortgage protection purposes. To keep the amount of cover equal to the amount of mortgage debt outstanding, the insurance policy assumes a policy interest rate which should correspond to the potential interest rate on the mortgage. As the amount of debt outstanding on a mortgage declines unevenly over time, if interest rates rise significantly, it can result in a higher level of debt outstanding than the level of cover remaining. A policy interest rate of 10% is normally used as its unlikely for the interest rates to exceed this amount during the term of the policy.

The level of cover is linked to your mortgage sum and reduces every year.

If you die or are diagnosed with a terminal illness within the term of the policy, it will pay out a lump sum which can be used to cover any outstanding mortgage repayments or any other outstanding debts

Please be aware that in some cases this type of assurance is based on an assessment of the health of the applicant.

THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.

Protection

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Money Wise Mortgages LTD | Mortgage Adviser Buckie | Mortgage Adviser Moray | Local Mortgage Adviser