Please read the Key Facts (PDF) and Policy Conditions (PDF) for
full details of the plan.
- Financial security for your loved ones - they can receive a cash sum if you die during the cover period.
- The cash sum that would be paid out decreases over the cover period.
- The money can be used to pay off your mortgage.
- You can receive payment early if you’re diagnosed with a terminal illness.
- Waive your payments – for an additional amount you can have your payments waived if you can’t work due to illness or injury for over six months. This will continue until you return to work or the cover ends.
What is Decreasing Life Cover?
Decreasing Life Cover (also known as Mortgage Life Cover, Decreasing Term Assurance or Mortgage Life Insurance) pays out a cash sum that can be used to pay off your repayment mortgage if you die. This amount reduces over the cover period (also known as the ‘term'), normally in line with your outstanding mortgage amount.
By taking out John Lewis Life Cover, you can help to ease your family's financial worries should you die or be diagnosed with a terminal illness during the cover period.
If you have an interest only mortgage or you want to be able to cover additional outgoings, you may like to consider our Level Life Cover option instead. This pays out a cash sum that stays the same throughout the term.
How much will Decreasing Life Cover cost?
Protecting your family financially could start from as little as £5 per month although it will depend on your individual needs and the premium you choose to pay. A John Lewis Life Cover plan doesn't have a cash-in value and requires you to make monthly payments.
Get a Decreasing Life Cover quote online or call us on 0800 916 6840 for your personal quotation to see just how affordable Life Cover could be.
Please be aware that although we can talk through the different options with you, we can't give you financial advice. A professional financial adviser can help you decide whether a Life Cover plan is suitable for you.
It's important to remember that the buying power of money will reduce with inflation, so you need to make sure that you take out sufficient life cover and regularly review your arrangements with us.
John Lewis life cover is provided by Friends Life Limited - please read Important information (PDF). Once your policy begins you may receive documents and correspondence from Friends Life. These will always be relevant to your application or policy and will never be unsolicited.
Call us on
0800 916 6840
Monday to Friday 8am-8pm.
Or alternatively, arrange a time for us to call you.
