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?

We’ll give you 14,000 Nectar points (worth £70!) once you’ve paid 5 months’ of premiums.†

And you’ll get double Nectar points at Sainsbury’s when you buy a new life insurance policy.‡

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. Critical Illness Cover could pay you a cash sum to help you recover or adjust to life with an illness. For more details, take a look at 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
The £70 worth of Nectar Points offer is an introductory offer available to customers who purchase direct from website or by phone a new Life Insurance plan, Decreasing Life Insurance plan (with or without Critical Illness) or Over 50s life insurance plan from 16th February 2017. 14,000 Nectar points, the equivalent of £70, will be credited to your Nectar account after you have paid five months’ premiums, as long as your plan is still in force and no premiums are outstanding. Your points will appear in your Nectar account within 60 days after you have paid five months’ premiums.

One set of Nectar points per plan sold, limited to two per household in a 12 month period. Legal & General reserves the right to cancel any plans should they suspect fraud or misconduct. Sainsbury’s Bank reserves the right to withdraw or amend this offer at any time, without notice. No cash alternative available.

You need to tell us your Nectar card number when you apply. The Nectar Collector Rules detail how to collect and use points. You can find these in the Nectar registration pack and at nectar.com.

‡ Double Nectar Points – 1) Offer available to customers buying a new Life Insurance, Decreasing Life Insurance (with or without Critical Illness) or Over 50s Life Insurance policy. 2) You need to tell us your Nectar card number when you apply, and use this card 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. If you're taking part in the new Nectar trial, it's the points you get on new Nectar 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. 9) No cash alternative is available. Sainsbury’s Bank reserves the right to alter, cancel or withdraw this offer without notice.