Decreasing term assurance policies

A decreasing term assurance policy is a type of policy that pays out a lump sum on death, with the sum assured decreasing over the term of the policy.

They are commonly used to cover debts where the outstanding capital decreases over time, or to cover a potential liability to inheritance tax when a gift has been made.

With such policies there is no surrender value and cover will cease if premiums are not paid.

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