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This type of policy is designed to produce just enough cover to repay the reducing liability of a repayment mortgage over ones full mortgage term. With repayment mortgages one repays mainly interest in the early years and therefore ones outstanding capital will only reduce slowly at first. This form of life cover takes account of this factor and correspondingly reduces at a similar slow rate in the early years.
Since these policies are providing reducing cover they are much cheaper than policies providing level cover.
You can take out this policy on a single life, joint life first death or life of another basis.
The minimum premium you can pay is normally about - £5.00 per month.
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