If you have an interest-only mortgage, your outstanding mortgage loan stays the same until you repay it at the end of the mortgage term. Level Life Insurance could cover this type of mortgage.But if you have a repayment mortgage, Decreasing Life Insurance may be more appropriate. The amount of cover reduces broadly in line with the decrease in your outstanding mortgage loan. It's worth knowing, your policy isn't directly linked to your mortgage and we won't automatically end your cover if you pay off your mortgage early. Your policy will run until the selected end date, unless you tell us you wish to cancel. 

If you choose level or decreasing cover, your monthly payments are guaranteed to stay the same for the duration of your policy. For decreasing life insurance, premiums are set at the start of the policy to consider the decreasing amount of cover you'll need during the policy term. Premiums for decreasing cover are often cheaper than other types of life insurance.With level cover, if you choose to help protect your payments from the effects of inflation, so the lump sum won’t be worth less in the future, your monthly payments may rise. The maximum annual increase would be 15% to your premiums and 10% to your cover.

If you don't pay your premiums, your policy will automatically end. There isn't a cash-in value.