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Level term assurance

The mortgage definition for Level term assurance:

Life assurance that pays out a set amount throughout the entire agreement if you die during the term.

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Decreasing term assurance

Decreasing term assurance
A life insurance policy that pays out a lump sum in the event of death. The amount paid out can be calculated so that it fall in line with your outstanding mortgage debt meaning that over time the borrowers premiums also fall. This type of policy is well suited to providing cover on a repayment mortgage.

Life assurance

Life assurance
An insurance policy that pays a lump sum on death. Often taken out with a mortgage to provide money for the loan to be repaid if the borrower dies during the term.

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