What happens to your unresolved debts?

What happens to your unresolved debts?

Decreasing term life insurance is designed to protect your mortgaged assets. It is not similar to the other insurances as this is a renewable decreasing life insurance policy. There can be many situations, where you will be in need of a loan and it is not fair for your family members to deal with your debts all alone. When you did not get the chance to clear them within your lifetime, we will help your family with decreasing term life insurance.

Your family gets to clear your mortgage debts and protect your assets from the lenders. The policy may not resolve the entire debts but will sure do clear the majority of them.

You might be one of them who needs this insurance

The primary purpose of taking a decreasing insurance policy is to protect your family from unresolved debts. When it comes to the insurance policy, people assume about paying monthly premiums and getting a payout after the insurer’s demise. But not all the insurance policy terms work alike and decreasing term life insurance is different from others. It is designed to clear certain debts which are themselves decreasing with the time being.

You may not receive the same insurance amount throughout the policy period. The cover amount decreases along with the debt amount. Factually it is used for clearing the mortgage and can be claimed after the insurer demise.

When it comes to decreasing term life insurance there are many advantages involved. You can choose the nominee and they will receive the policy amount upon a successful claim after your demise to clear the mortgage debts.

Tax-Free

Online Application

Fixed Monthly Pay-in

Customized Terms

How decreasing term life insurance can protect your family?

How decreasing term life insurance can protect your family?

It is a quick and instant procedure where you can ensure the safety of your assets from the lenders. There is no need to worry about losing your assets in case of unresolved debts. We protect your assets by clearing your debts and make sure your family does not bear the burden of repaying them.

You need to go through a quick procedure to ensure your family’s financial security in the long run. Acknowledge all the terms related to the insurance and you can even customize the terms based on your requirement. A final agreement will be drafted between the insurer and the insurance company.

You need to pay a monthly premium which is fixed throughout the period. Your nominee can claim the policy within the term period after your demise. They will receive the policy amount based on the time of the claim. The claim amount does differ from time to time, which will be explained properly within the drafted agreement. Any failure with the payment will lead to the insurance cancellation.

Things to remember while taking a decreasing term life insurance

To be frank, people only think about the agency rather than the insurance terms. You need to do the proper homework before you sign up for an insurance policy.

How long does it last?

How long does it last?

You need to decide your own term period which starts from 5 years. Any claim made within the term period will be accepted.

What if I stop paying?

What if I stop paying?

Your decreasing term life insurance will be cancelled if you stop paying the insurance policy. Your family will not receive any amount after your demise.

Any Feasibility with terms?

Any Feasibility with terms?

Yes, you can update your insurance terms in future if needed. Just have a word with a representative to make it happen.

Cost of an Insurance Policy

Cost of an Insurance Policy

You need to decide it, based on the current financial status of your family and how much they need in your absence.