Do I need decreasing cover or level cover?

With a repayment mortgage you’ll need decreasing cover.
With an interest only mortgage you’ll need level cover.

Mortgage Life Insurance is designed to be decreasing level cover, to pay off the capital amount that you owe for your mortgage if you die. This is a cheaper form of insurance than standard, level cover Life Insurance.

If you have an Interest Only type of mortgage you’ll need level cover Life Insurance.

Please note : The information contained within the FAQ section has been written by Mortgage Protected Online

Related questions:

What’s the difference between Mortgage Life Insurance and normal Life Insurance?

Why would I want Mortgage Life Insurance?

Should I consider normal Life Insurance to cover my mortgage?

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