What’s life insurance with decreasing cover?

If you have a Life Insurance Plan with decreasing cover, the cover amount decreases over time, broadly in line with the repayment mortgage or long-term loan that you’re repaying. Your premiums stay the same during the term of the policy, unless you make changes to the cover. Decreasing cover usually costs less than level cover. 

The policy pays out a lump sum if during the policy term you die or are diagnosed with a terminal illness that meets our definition and are expected to live less than 12 months. Once a payment is made, your policy will end and no further claims will be paid.

This isn't a savings or investment plan - it only pays out on a successful claim. If premiums stop the cover will end.