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What is Decreasing Life Insurance?

Decreasing Life Insurance is a product provided by Legal & General that’s designed to help protect a repayment mortgage. Your monthly payments will stay the same but the amount you’re covered for will decrease over the term of your policy, roughly in line with the way a repayment mortgage decreases. If you die during your policy term then your family could get a lump sum to put towards paying off your mortgage.

Why choose Sainsbury’s Bank?

When you take out a new life insurance policy, and are a Nectar member, you’ll get:

  • We'll double your Nectar points on Sainsbury's shopping and fuel while your policy is valid ‡
  • Up to £90 of Nectar points†

The number of Nectar points you receive depends on the type of policy and your monthly premium.

Life Insurance and Decreasing Life Insurance
  • If your monthly premium is under £8.50, we'll give you 10,000 points (worth £50)
  • If your monthly premium is £8.50 - £20.00, we'll give you 14,000 points (worth £70)
  • If your monthly premium is over £20.00, we'll give you 18,000 points (worth £90)

You'll receive your points within 60 days after you have paid 5 months' premiums.

Mortgage protection insurance

  • Premiums start from £5 a month
  • You'll also be covered if you're diagnosed as terminally ill (terms and conditions apply). Terminal Illness Cover could pay out the full amount of cover when life expectancy is less than 12 months 
  • You choose the amount of cover and length of the policy
  • You can take out either a single or joint policy
  • If you or your family need to claim, you’ll speak to a Samaritans-trained claims officer at Legal & General’s UK call centre and you’ll have a single point of contact to talk about your claim with
  • If you’re not accepted straight away, you'll be given 90 days' accidental death benefit while your application is assessed (terms and conditions apply)

Add Critical Illness Cover

You can add Critical Illness Cover for an extra cost when taking out Decreasing Life Insurance. It covers you if you are diagnosed with or undergo a medical procedure for one of Legal & General's specified critical illnesses during the length of your policy and you survive for 14 days from diagnosis. Children's Critical Illness Cover is included, terms and conditions apply. Critical Illness Cover could pay you a cash sum to help you financially while you recover. For more information, see our Critical Illness Cover page.

Critical Illness Cover only covers the specified critical illnesses, for example it does not cover all forms of cancer. To make a claim for some illnesses, you need to have permanent symptoms.

Before you apply

You should be aware that Decreasing Life Insurance isn’t a savings or investment product and has no cash value unless a valid claim is made. Your policy may not completely pay off your outstanding mortgage unless you ensure that your amount of cover is adjusted to match any new mortgage arrangements. You must also check that the interest rate applied to your mortgage does not become higher than the interest rate applied to your policy.

It's your responsibility to make sure your policy meets your needs, so if you want advice then you should speak to a financial advisor. Please read the Policy Summary before you apply.

Get a quote


Decreasing life insurance explained

Decreasing life insurance could also be called mortgage protection insurance because it’s designed to help protect a repayment mortgage. That means your premiums remain the same but how much you’re covered for will gradually go down to reflect the declining amount you owe on a repayment mortgage. With Life Insurance, your monthly payments and the amount of cover stays the same throughout the length of the policy unless you make changes to your cover. If you’re interested in this type of insurance, take a look at our life insurance page.

You may be able to tailor the amount of cover you have and how long your life insurance policy will last. Not sure how much you’ll need to protect your family and your mortgage? Use our life insurance calculator to get a better idea of how much cover you need.

Joint life insurance policies will come to an end once a cash sum is paid following a valid claim. If you’d like to, you may be able to switch to a new single life policy without going through full underwriting. This is subject to terms and conditions, please read the policy summary for more information.

  • Your level of cover will depend on your individual circumstances and the premium you choose to pay
  • This isn’t a savings or investment product and has no cash value unless a valid claim is made
  • If you stop paying premiums before the end of your plan, your cover will end 30 days after your missed payment
  • The policy won’t pay out in some circumstances eg if you don’t truthfully give Legal & General all the information they ask for

If you need more information, please read the Policy Summary.

Offer Terms and Conditions

† Collect up to £90 of Nectar points - 1. This offer is only available when you take out a new life insurance, decreasing life insurance or over 50s life insurance policy. 2. After you've paid 5 months' premiums, you'll receive 18,000 Nectar points (worth £90) if your monthly premium is over £20.00, 14,000 points (worth £70) if your monthly premium is £8.50 - £20.00 or 10,000 points (worth £50) if your premium is under £8.50. If you’ve taken over 50s life insurance, we’ll add 18,000 points. We’ll add the points to your Nectar account within 60 days unless your policy is cancelled during this period. 3. You need to tell us your Nectar card number when you apply 4. We'll award points for no more than 2 policies per household in any 12 month period. 5. Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 6. We reserve the right to change or cancel this offer without notice.

‡ Double Nectar points offer – 1. Offer available to customers buying a new life insurance, decreasing life insurance or over 50s life insurance policy. 2. You need to tell us your Nectar card number when you apply; and scan or swipe that card, or input your card number, with each Sainsbury’s purchase. 3. Double points begin on your policy’s cover start date. If you tell us your Nectar card number after your cover start date, double points begin on the date you tell us. 4. Double points stop when the policy is cancelled or you stop paying premiums. 5. Each Nectar account can only collect points from one life insurance policy. 6. It’s only the base points you collect at Sainsbury’s that are doubled. Bonus points won’t be doubled, nor will any points from Argos, Habitat, Sainsbury’s Bank (including travel money purchases), Sainsbury’s Energy or any other Sainsbury’s service. 7. By the 10th of each month, you’ll get a bonus point award equal to the total of your qualifying points during the previous month, up to a maximum of 20,000 points. 8. Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 9. We reserve the right to change or cancel this offer without notice.