What is decreasing term life insurance?

Decreasing term life insurance is a type of term life coverage that provides premiums that remain level while the coverage amount decreases each year of the policy term.

Decreasing term life offers coverage for a term of 10, 15, 20, or 30 years.

Many homeowners buy decreasing term life insurance to provide protection for their outstanding mortgage loan.

Why? Because a decreasing term policy provides decreasing protection in line with the declining home mortgage loan.

In addition, consumers buy decreasing term life to provide protection for other debts that may decrease over time, such as, student loans, auto loans, or credit card debt.

Decreasing term life insurance is one of several types of term insurance which include level term, annual renewable term, return premium term life insurance, and no exam term life insurance.

Learn more about decreasing term life insurance.