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You asked: What is life insurance with decreasing cover?
Some life insurance policies can be set up with decreasing cover, this means the cover may decrease over time.
Our Life Insurance Plan with decreasing cover provides a level of cover which decreases throughout the term of the policy, broadly in line with a repayment loan or mortgage. The premiums will stay the same during the term of the policy, unless you choose to make changes to the cover. The policy will pay out if, during the policy term, you die or are diagnosed with a terminal illness and are not expected to live longer than 12 months. If we pay the terminal illness benefit then the life insurance policy ends and there will be no further amount payable on death. There is no cash in value at any time.
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