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 will pay out if you die, or are diagnosed with a terminal illness during the policy term that meets our definition. Once the payment is made, your policy will end, and no further claims will be paid. There's no cash-in value at any time and if premiums stop, your cover will end.