What is the difference between level term life insurance and mortgage protection life insurance (decreasing term)?
With level term life insurance the amount of cover remains the same throughout the duration of the policy. If you take out a mortgage protection life insurance (decreasing term) policy the amount of cover reduces each month during the policy term and is calculated to be enough to equal the capital outstanding under a normal repayment mortgage. Premiums remain the same throughout on both level and decreasing term policies.
