What you get with our Decreasing Cover

  • A lump sum up to £500,000, reducing each year by 7% - the payout reduces roughly in line with your mortgage

  • Fixed monthly payments that never increase

  • Typically costs less than Level Cover Life Insurance

  • Affordable monthly payments from just £7 a month - that's only 23p a day

  • You can choose for the policy to last for between 5 and 50 years

  • No medical – get an instant decision

  • Terminal Illness Cover included at no extra cost

Important things to know

  • You can apply if you’re a UK resident aged between 18 and 70
  • The plan must end when you reach age 80
  • If you use this to cover a repayment mortgage, the amount of cover you have will reduce by 7% each year. Therefore, if your mortgage interest rate is higher than this, the policy may not fully repay your mortgage.
  • Our Life Insurance has no cash-in value – it’s a protection policy only
  • If you stop paying for your plan, your cover ends and you won’t get anything back

Difference between decreasing term and level term

Chart showing difference between level and decreasing cover

Decreasing Cover pays out a single amount that reduces over the term of the policy. Although payments stay the same over the term of the policy, how much you pay each month is typically less than for level term life insurance. You could use it to help cover a repayment mortgage or any other loan that gradually gets repaid.

Level cover is life insurance where the payout amount stays the same over the term of the policy. The monthly payments also stay the same over the term of the policy.

When a claim is paid, your family will get the amount of money you took the policy out for.

Serious Illness Benefit

For an additional monthly cost you could add Serious Illness Benefit. This extra protection for you and your children gives you a financial safety net if you are diagnosed with one of the six illnesses we define, if you survive 30 days after your diagnosis.

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99.5%

of claims paid in 2021

 

Royal London Protection business claims paid (1 January to 31 December 2021)

Why choose Royal London?

Money

We're a mutual

We're a mutual, so we're not answerable to shareholders. We can make our decisions in the best interests of you, our customers.

documents

Immediate decision

Unlike some life insurance providers, we don’t need a doctor’s report or need to send you off for a medical. We can give you a decision straight away.

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Our awards

Whether it's for our outstanding products or first-class service, we're delighted to have received several awards over the years.

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Think this is the cover for you? Get your no obligation quote for Decreasing Cover Life insurance now.

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Looking for something different?

Whether you want to protect your family, your house and mortgage or just leave something after you're gone, we've got a life insurance policy to fit your needs.

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Frequently Asked Questions

Our Decreasing Cover pays out a single amount that reduces over the term of the policy. Although payments stay the same over the term of the policy, how much you pay each month is typically less than for level term life insurance. Its decreasing cover falls roughly in line with the reducing balance on a repayment mortgage*. So you can use it to cover a repayment mortgage or any other loan that gradually gets repaid.

*This policy may not pay off the full outstanding mortgage amount. If the interest rate applied to your mortgage becomes higher than that applied to your policy (currently 7%), there may not be enough money to repay the mortgage.

You're still covered if you miss your payments within a 60-day period. If you do not pay your outstanding payments within that period, you will no longer be covered and we'll have to cancel your policy on the 61st day.

It is worth remembering that you won’t get any money back, as this is a life insurance policy and not a savings plan. So you can’t cash in your cover at any time.

We make things as clear and easy as possible and give you a dedicated claims specialist. You or your family won’t have a long, difficult process with us. Once the claim has been processed, the money will be sent to your family as quickly as possible. Make a claim

When you've been around for as long as we have, you know that life is full of changes. If you need to update details such as your name, address or bank details, we can help you make the changes you want. Update my policy

To put it simply, Level cover is life insurance where both the monthly payments and the payout amount stay the same over the length of your policy. If you die within the term, your family will be given the pre-agreed sum.

For decreasing cover, the payout sum shrinks throughout the length of your policy. Your monthly payments stay the same but how much you pay each month is usually less than Level cover. You could use it to help cover a mortgage or any other loan that gradually gets repaid.

We offer single life policies, which means you both have your own policy. With joint polices if one partner dies the whole policy may end and the other partner will not have any cover.

Our Decreasing Cover pays out a single amount that reduces over the term of the policy. Although payments stay the same over the term of the policy, how much you pay each month is typically less than for level term life insurance. Its decreasing cover falls roughly in line with the reducing balance on a repayment mortgage*. So you can use it to cover a repayment mortgage or any other loan that gradually gets repaid.

*This policy may not pay off the full outstanding mortgage amount. If the interest rate applied to your mortgage becomes higher than that applied to your policy (currently 7%), there may not be enough money to repay the mortgage.

You're still covered if you miss your payments within a 60-day period. If you do not pay your outstanding payments within that period, you will no longer be covered and we'll have to cancel your policy on the 61st day.

It is worth remembering that you won’t get any money back, as this is a life insurance policy and not a savings plan. So you can’t cash in your cover at any time.

We make things as clear and easy as possible and give you a dedicated claims specialist. You or your family won’t have a long, difficult process with us. Once the claim has been processed, the money will be sent to your family as quickly as possible. Make a claim

When you've been around for as long as we have, you know that life is full of changes. If you need to update details such as your name, address or bank details, we can help you make the changes you want. Update my policy

To put it simply, Level cover is life insurance where both the monthly payments and the payout amount stay the same over the length of your policy. If you die within the term, your family will be given the pre-agreed sum.

For decreasing cover, the payout sum shrinks throughout the length of your policy. Your monthly payments stay the same but how much you pay each month is usually less than Level cover. You could use it to help cover a mortgage or any other loan that gradually gets repaid.

We offer single life policies, which means you both have your own policy. With joint polices if one partner dies the whole policy may end and the other partner will not have any cover.

Important documents and guides

Policy summary

Terms and conditions

Got a question?

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