Decreasing Term Assurance
Decreasing Term Life Insurance (sometimes called mortgage protection assurance) is where the policy’s sum assured decreases over the term of the policy. matching the reduction in the mortgage balance over its term. This type of policy is typically purchased by people who want to protect their repayment mortgage in the event of death.
As the outstanding mortgage balance reduces every year, so does the level of insurance. The purpose of this type of plan is to repay any capital you owe if you died.