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You asked: Will the amount paid out from my Life Insurance plan reduce over time?
With a Decreasing Life Insurance plan, the sum assured reduces over time, broadly in line with the outstanding balance on a repayment mortgage. The longer a plan has been running, the less it will pay out on a claim.
With a Level Life Insurance plan the sum assured stays the same throughout the term. It will pay out the same amount regardless of when a claim is made.
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