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Which type of Life Insurance? Confused

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ICEQUEEN20 | 14:45 Sun 31st Oct 2010 | ChatterBank
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We are moving soon and will have a bigger mortgage. Am getting quotes at the moment for higher life/mortgage insurance. Level Term or Decreased Term? Seems obvious to get the decreased term as the monthly insurance payments decrease as your mortgage is decreasing. Are there any cons with this though? HELP AM CONFUSED !
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Avatar Image dzug2
Depends on what sort of mortgage you will have - if it's a repayment one then decreasing is fine.

You do need to ensure that your mortgage payments are changed when interest rates changed - or your cover may fall short.
15:41 Sun 31st Oct 2010

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