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Decreasing term life insurance

Decreasing term insurance covers you for a set term and pays out a lump sum if you die during the policy term.

  • This type of cover is specifically designed to cover the reducing amount you owe on a capital and interest repayment mortgage, where the amount you owe decreases year on year.
  • The amount you are covered for goes down each year, but the premium you pay remains fixed.

Advantages of a decreasing term

  • If you want to leave a cash sum to your family or dependants to pay off a repayment mortgage or loan after you have died, decreasing term insurance could be right for you.

Disadvantages of a decreasing term

  • The policy only pays out if you die during the term.
  • Cover reduces each year over the term. There's no guarantee that it will cover your mortgage.
  • There’s no investment element with this form of life insurance so if no claim is made you won’t get any money back at the end of the term.

Our life insurance application is quick and easy

Call LifeSearch on:
0800 197 2266

Mon to Thu 8am - 8pm
Fri 8am - 6pm

Existing customer?
0800 678 1906

8.30am - 6.30pm Monday to Friday

Calls may be recorded and/or monitored for training and audit purposes.

LV= have chosen to partner with LifeSearch to offer customers independent advice for protection products.

More about LifeSearch and your protection needs

Understand life cover

We've created lots of useful information to guide you through the process of finding which life insurance product is right for you.

Find out more about life cover

Why choose LV=

An insurance provider you can trust established in 1843.

  • 97% of claims paid in 2016
  • UK's largest friendly society

Policy documents

  • Policy summary
  • Policy conditions

View policy documents


From what's covered, ways to get set up or even how to claim, our library of FAQs can help.

View our Life Insurance FAQs