Decreasing Life Insurance FAQs

Below you'll find a list of frequently asked questions relating to our Decreasing Life Insurance. Before you apply, you should also read the  PDF file: Life Insurance Policy Summary PDF size: 131KB   and  PDF file: Policy Booklet PDF PDF size: 2.2MB .

Is Decreasing Life Insurance right for me?

As with any type of insurance policy, this really depends on your own circumstances. Our Decreasing Life Insurance is designed for people who specifically want to cover a repayment mortgage, as it reduces in line with the way a repayment mortgage reduces.

So if you’re looking for a policy that could help protect a repayment mortgage and give you peace of mind that your family can continue living in your home if something happens to you, this could be a suitable option.

Find out more


Am I eligible to apply for Decreasing Life Insurance?

You must be a UK resident and 18 years of age at the time of applying. The maximum age for buying a Decreasing Life Insurance policy is 74, and your policy must end before age 90. The minimum length of the policy is 5 years, and the maximum length is 50 years.

Please read our Policy Summary PDF for more details.

What is the difference between Life Insurance and Decreasing Life Insurance?

The main difference between Life Insurance and Decreasing Life Insurance is that they are designed with different protection purposes in mind. Some people want a policy that will help protect their family financially if they were to die during the policy term. Others may have a more specific need for a policy that will pay off their mortgage if they were to die. Below is a brief overview of the products we offer:

Life insurance could pay out a cash sum on your death during the length of the policy. It can be used by your family to help protect their lifestyle and everyday living expenses or to help pay towards an interest only mortgage. The premiums and the amount of cover you choose stay the same, unless you alter your policy.

Decreasing Life insurance is designed specifically to help protect a repayment mortgage, so the amount of cover reduces roughly in line with the way a repayment mortgage decreases.

Just remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.


Can I add Critical Illness Cover to my Decreasing Life Insurance?

You can add Critical Illness Cover for an extra cost when taking out Life Insurance or Decreasing Life Insurance. It could pay out a cash sum if you’re diagnosed with or undergo a medical procedure for one of the specified critical illnesses that we cover, and you survive for 14 days from diagnosis. Some types of cancer are not included and to make a claim for some illnesses, you need to have permanent symptoms. For example, you can make a claim for kidney failure if you require permanent dialysis, and you can claim for strokes if your symptoms last at least 24 hours.

What additional benefits are included if I buy Decreasing Life Insurance?

The additional benefits of buying Decreasing Life Insurance include Free Life Cover between the exchange of contracts and completion of your property purchase. You will also get Accidental Death Benefit while your application is processed – for cover in the event of accidental death – as well as Terminal Illness Cover, which pays out if your have a life expectancy of less than 12 months.

For certain life events, you may also be able to increase your cover without having to provide any further medical information. You can also make changes, such as removing a name from a joint policy.

All of the above have certain terms and conditions that apply, so please read the Additional Benefits page for all the information you need. 

Do I have to take out Decreasing Life Insurance if I have a mortgage?

Technically, you do not need to get life insurance – or Decreasing Life Insurance in particular – when you take out a mortgage. Legally, the only insurance you must take out is buildings insurance.

While you don’t have to take out mortgage life insurance, it would be unwise not to. That’s because your insurance can pay off the mortgage in the event you were no longer around, giving your family much needed financial security. Want to know more? Read more about Decreasing Life Insurance.


Can I make any changes to my Decreasing Life Insurance?

We recognise that your need for cover can change, so you can request any of the following changes to the policy:

  • extend or reduce the period of cover
  • increase or decrease the amount of cover
  • remove a life from a joint policy
  • change the frequency of your premium between annually and monthly

We also offer 'Joint life policy separation'. This allows a joint policy to be split into two new single policies if a couple divorce, dissolve their registered civil partnership or change a joint mortgage into one name or take out a new mortgage in one name. Your request must be made within 6 months of the event being finalised.

These changes could affect the premiums that you pay and we would have to assess any change based on your circumstances at the time.

Terms and conditions apply. Please read the  Policy Booklet PDF for full details.

Can I cancel my policy if I no longer need it?

After applying for cover you will receive a 30 day cancellation notice, which you must send back if you decide not to continue with the policy.

If you cancel within 30 days we will return any premiums paid. If you cancel after 30 days you won't get anything back.

If you’d like to discuss your cancellation, you can speak to a member of our team on 0370 010 4080. You can write to us at: Cancellations Department, Legal & General Assurance Society Limited, City Park, The Droveway, Hove, East Sussex BN3 7PY.

Please remember that life cover policies are not savings or investment products and have no cash value unless a valid claim is made.

Will I be eligible for the free gift?

If you buy Life Insurance or Decreasing Life Insurance with or without Critical Illness Cover directly from Legal & General, you could be eligible to receive a free gift.

However, various eligibility criteria apply. You will need to have applied on or before 31 December 2019, either online or by telephone. Your payments will need to be fully up to date, and your eligibility starts 6 months after the date your policy starts. The offer is limited to one e-Gift card per policy sold.

You will receive a letter or email with details of how to redeem your e-Gift card; please allow 30 days following your policy start date for the delivery of this communication.

Read the full terms and conditions.

Can I put my policy in Trust?

Yes, our Decreasing Life Insurance policy can be placed in trust. Putting your plan in trust can help protect your beneficiaries from inheritance tax, avoids probate and ensures the money gets to the right people quickly. 

Want to know more about trusts without the usual jargon? Use our Online Trust Hub to help you choose the right type of trust for you. We explain the advantages and disadvantages, as well as how to set up the trust and who gets control over it. You can even enter your details online so the trust form is ready to be printed and sent back to us.