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Decreasing Life Insurance

Decreasing life insurance can help your beneficiaries pay off mortgage repayments when you’re gone. Trust The Insurance Surgery to find the best decreasing term life insurance quotes for you!

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What Is Decreasing Term Life Insurance?

Decreasing life insurance is a type of term life insurance which is generally used to pay off debts and mortgage repayments. The payout for this type of life insurance policy decreases over time, usually in line with the sum of money remaining on a mortgage. This means your beneficiaries can continue living in the family home even after you’re gone.

How Does Decreasing Life Insurance Work?

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When taking out decreasing life insurance, you first have to decide how long you would like your term to last and how much you would need your payout to be to best support your beneficiaries. Let’s say you have a 30-year mortgage; we’d recommend taking out a decreasing term life insurance policy that matches that timeframe!

An insurer may, first, be interested in knowing:

Your mortgage costs

Your income

Your age

Your medical history

You should consider life insurance if you have…

Dependants, like school-age children.

A partner who relies on your income.

A family living in a mortgaged or rented home.

In the event of your passing, a life insurance policy can provide financial support for your loved ones. You could also consider funeral cover, which pays for funeral expenses – easing the burden on your family during a difficult time.

However, you should check if you’re already covered through your employer’s benefits package, which often includes ‘death in service benefits’ linked to your salary. If so, you might not require an additional policy, BUT keep in mind that leaving your job or being made redundant could leave you without any cover!

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  • 15 Minute Read Time

Do You Need Life Insurance?

If you’re the primary breadwinner or share financial responsibilities, a life insurance policy can help your family maintain their standard of living in the unfortunate event that you’re no longer around to support them.

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Understanding life insurance terminology is essential for policyholders to make informed decisions about their cover, we have broken down the meaning for some of the most used terms.
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Why Choose The Insurance Surgery?

Rated ‘Excellent’ on Trustpilot.

We take pride in the experience that we offer, guaranteeing excellent service at all times.

25 years Experience.

With 25 years of specialist life and protection experience, we can find the perfect policy for you.

Access to a range of insurers.

With a broad selection of partners, we are well-equipped to find the best insurance deals for you.

Award-winning broker.

Known for making insurance simple, The Insurance Surgery is a trusted, award-winning broker.

How Much Does Decreasing Term Life Insurance Cost?

When it comes to decreasing term life insurance, the costs will differ from person to person and can depend on an individual’s mortgage costs. Insurers will also take into account the factors listed previously, as well as how long your mortgage will last.

One of The Insurance Surgery’s dedicated experts will have no problem giving you a general idea of how much you can expect to pay in monthly premiums after a conversation about your circumstances and requirements, so don’t hesitate to get in touch!  

For a clearer idea of the average cost of life insurance, visit our Guide.

How Much Decreasing Term Life Insurance Do You Need?

If you’ve chosen to opt for a decreasing term life insurance policy rather than whole of life insurance, our experts will recommend taking out a policy that matches the amount of time left on your mortgage. It doesn’t matter whether you’ve just bought your first home or are 15 years into paying your mortgage; decreasing life insurance can provide that financial security and peace of mind.

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Facts About Life Insurance.

Life insurance can serve multiple purposes, including income replacement, wealth transfer, estate planning, and business succession. But how does life insurance shape up with the UK population?

7.5 million families

in the UK have no life insurance or critical illness cover.

£40,000

The average life insurance policy in the UK covers only about £40,000.

28%

of UK adults believe life insurance is too expensive.

30%

of people get life insurance due to becoming a parents

Forbes Advisor, 2025

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Frequently Asked Questions

How much does decreasing life insurance decrease by each year?

Decreasing life insurance can decrease at different set rates depending on your insurer. Generally, you can expect your policy to decrease between around 6-8% each year.

Absolutely. If you’re keen to ensure that your home stays in the family when you’re gone, decreasing term life insurance can be an amazing way to pay off your lasting mortgage repayments and support your family financially. 

Yes, of course. If you have any questions or concerns regarding your policy during its term, don’t hesitate to get in touch with The Insurance Surgery to discuss your many options – including cancellation.

This type of life insurance is best suited for those specifically looking to pay off a mortgage. If your beneficiaries are financially secure enough without your income to cover other expenses, this may be the only type of life insurance you require. 

Get in touch with The Insurance Surgery to find out if your circumstances make you eligible for decreasing life insurance.

The Insurance Surgery is keen to help you find the best decreasing term life insurance. We appreciate that finding the perfect quote can be difficult and that there are many things to consider, but that’s what we’re here for! With 25 years of experience, you can rely on your dedicated advisor at The Insurance Surgery to offer tailored advice.

So get in touch with The Insurance Surgery today and trust us to find you the perfect decreasing term policy life insurance and relax into the idea that your family’s finances are protected after you’re gone.

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Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm
Get a Quote
Call us on 0800 083 2829

Speak to our team of experts for FREE
specialist advice today.

Monday to Thursday:

9:00am – 8:00pm

Friday:

9:00am – 3:00pm
Get a Quote
Call us on 0800 083 2829
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Copyright © 2025 The Insurance Surgery Ltd. The Insurance Surgery is authorised and regulated by The Financial Conduct Authority. We are entered on the Financial Services Register No 401425 at https://www.fca.org.uk Registered in England and Wales. No 5137288. Registered and trading from 2nd Floor, Pickford Street Mill, Pickford Street, Macclesfield, SK11 6JD The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

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