Decreasing Term Assurance
Continued from Life Insurance
However, always consider the long term when taking out your cover as although a Decreasing Term Assurance is cheaper you may find that over time you choose to take out a further advance on your mortgage or decide that you would like a little extra Life Insurance cover. As we cannot predict what will happen in the future it may be that since your original application your health may have changed and this may cause a loading (additional premium) to be added to your policy, where if you had taken the additional cover or decided to take a level term policy when you first applied it could have saved you money in the long run.
Only you know how much disposable income you have each month and so you must take this into consideration and make the decision which suits you at the time. Do not let anyone advise you otherwise as if you were to take out additional cover to be on the safe side, but later found you could not make the payments your policy could lapse and your policy could be made void by the insurance company which would defeat the object.
Continued from Life Insurance
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