A Decreasing Term Mortgage Life policy is designed to cover a repayment mortgage.
If you have an interest-only mortgage – where you only need to pay off the interest and so the mortgage balance doesn’t fall over time – then you would likely need a Level Term Life Insurance policy.
While the coverage of a Decreasing Term policy will fall over time, a Level Term policy will stay the same and give you the same level of cover at the end of your policy as you had at the start.
Level Life Insurance would also be better suited if you intend your insurance payout to do more than simply pay off your mortgage, like help your family afford your funeral or give them a bit of financial support in the coming years over and above repaying the mortgage.
To find out which type of Life Insurance is better suited to your needs, you can read our Level vs Decreasing Life Insurance guide.