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What's the difference between level and decreasing life cover?

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Level cover provides the same amount of cover throughout the term of the policy, depending on how it was set the start. For example, if you chose £100,000 over 20 years and died in the last year, you'd get the full £100,000.

Decreasing cover reduces over the term of the policy and is usually cheaper than the level cover. Some decreasing cover policies reduce in specific amounts, for example, to match a mortgage or to cover an inheritance tax liability. Other types include providing a regular payment every 3 months after death until the end of the term.

Your choice should depend on how much money you'll need and when. For example, a level term policy would overpay a capital and interest mortgage leaving you overinsured. Although you could do this, you'd be paying more than you need to.

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