Decreasing term life insurance pays out if you die during the policy term, but the amount of cover gradually reduces over time, often alongside a repayment mortgage. Your premiums may stay level even though the potential payout decreases, and the policy is generally not designed for an interest-only mortgage or wider family protection. Quotes can vary based on your age, health, smoking status, cover amount, policy length and the insurer’s underwriting criteria. Compare the policy details carefully and consider speaking to an FCA-authorised adviser if you are unsure how much cover you need.