Decreasing term life insurance

Churchill Life Insurance is provided by Legal & General.

Do you want to help protect your repayment (capital & interest) mortgage in the event of your death? Then Mortgage Decreasing Term Assurance could help you. If you die while the policy is running, the policy will pay out a cash sum which can be used to help pay off an outstanding repayment (capital & interest) mortgage, giving your family one less thing to worry about.

How does Decreasing term life insurance work?

Mortgage Decreasing Term Assurance is designed to help protect a repayment (capital & interest) mortgage or loan. The cash sum will decrease over time, roughly in line with the way a repayment (capital & interest) mortgage decreases.

Benefits of Decreasing term life insurance

  • Premiums from £6 a month – your premiums will stay the same, unless you make changes to your policy.
  • Free Life Cover if you’re buying a property - between exchange of contracts and completion.
  • As an added benefit, whilst the claim is assessed, we’ll pay up to £5,000 as an advance payment. Find out more
  • Terminal Illness Cover is included at no extra cost and could pay out the full amount of cover when life expectancy is less than 12 months. No terminal illness claim can be made after the death of the person insured.
  • You can make changes to your policy, like changing the term, the amount of cover, switching from joint to single policies or even changing your premium payments from monthly to annually. Contact us if you wish to make changes to your policy
  • Please read the Policy Booklet before applying
  • If you claim for terminal illness, or a critical illness (if you have this cover), you could obtain a second medical opinion at no extra cost to your premium. It’s a chance to have a consultation about your condition with a Consultant Specialist. It can help provide further details, advice into treatment and whether there are alternative treatments. A medical report will also be sent to you and your GP.

    This service is provided by Healix Health Services Ltd on behalf of Legal & General. Legal & General will pay up to £300 towards the cost of your consultation.

Optional extras

  • Add Critical Illness Cover to your policy for an additional cost when you take out life insurance, giving you extra protection against specified conditions that could affect your life and work.

Compare Life Insurance

  • If you aren’t sure which type of cover to choose, take a look at our handy comparison table.

Important Information

  • This is not a savings or investment product and has no cash value unless a valid claim is made
  • Please read the Policy Booklet before applying
  • If you intentionally take your own life in the first 12 months of your cover, your policy will be cancelled and will not pay out. However all premiums paid will be refunded.
  • You may want to make sure that the policy is running long enough to cover the duration of your mortgage, otherwise you may not be fully protected.
  • If you choose decreasing cover there are some circumstances when the cash sum paid out might not be enough to pay off your mortgage in full. For example if your mortgage interest rate averages over 10% during the policy term or if you change your mortgage.
  • If you stop paying premiums before the end of your policy, your cover will end 30 days after your missed payment.
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