Life Insurance - Decreasing cover

What is life insurance and decreasing cover?

Life insurance pays out a cash lump sum if you die before your policy ends. It could help your loved ones cope financially after you're gone.

Decreasing cover means that the cash pay-out goes down each month until your policy ends. You'll pay the same amount each month.

Decreasing cover is usually a cheaper kind of cover. It's often used to protect a repayment mortgage. As you pay off your mortgage, the outstanding amount will go down. So the amount that your cover pays out when you die will go down, too.

If you mainly need cover for your mortgage, you could get the support you need and pay less each month than level cover.

Decreasing Cover

graph showing life cover decreasing over time

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Do I need life insurance and decreasing cover?

This might be right for you if:

  • you have a repayment mortgage
  • you have children or loved ones who rely on your income
  • you’re the main earner in your family
  • you’d like to make sure your loved ones can keep their home after your death
  • your loved ones would struggle to pay off the mortgage without you.

How much cover do I need?

We’ll help you work out how much cover could be right for you.

Calculate my cover

How long should I get cover for?

It might help to think about life's milestones, like the number of years until :

  • your children are 18
  • your mortgage is paid off
  • you reach state pension age.

Scottish Widows can offer cover from 5 to 40 years, up to age 69.

How much does it cost?

The amount you pay each month depends on the length of your policy and the size of the cash lump sum that gets paid out when a claim is made. The price might also change based on your age, health and lifestyle.

What else do I need to know?

You need to be a UK resident , 18 or over, and under 60 to apply. Before you get a policy, check that it's right for you. Make sure your loved ones will get the support they need after  you're gone.

With life insurance you can :

  • get a cash lump sum if you die before your policy ends
  • choose an amount and duration that are right for you.
  • cancel at any time, free of charge.

With life insurance you can't :

  • get any money back unless you make a claim
  • change your policy after it has started
  • keep your cover if you miss your monthly payments. 

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Let our experts take care of it

Our life insurance is arranged by Scottish Widows. They are a part of Lloyds Banking Group, like us. Scottish Widows are our life insurance experts, and they have been protecting what matters most for over 200 years.

Scottish Widows are:

  • Reliable - Scottish Widows paid out 98% of claims in 2020. That’s £206m in total.
  • Experienced - Scottish Widows has been protecting customers for over 200 years. So you’re in safe hands.
  • Supportive - Scottish Widows works closely with partners like Macmillan. They help make sure our customers get the right help, at the right time. 
Scottish Widows paid 98% of claims in 2020

Bank of Scotland plc is registered in Scotland No.SC327000.Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration no. 169628.