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What is decreasing term insurance?

Decreasing term insurance is a type of renewable term life insurance with coverage decreasing over the life of the policy at a predetermined rate. Premiums are usually constant throughout the contract, and reductions in coverage typically occur monthly or annually.

Is a decreasing term life insurance policy a good option?

A decreasing term life insurance policy could be a good option for anyone with ongoing financial obligations like personal loans, business debts, a car loan or a mortgage. The cost of decreasing term life insurance will depend on the amount of coverage that you need, and you cannot convert this type of coverage into a permanent policy.

Why is decreasing term life insurance cheaper than level life insurance?

Decreasing term life insurance is usually cheaper than level term life insurance because the death benefit decreases each year. With each decrease, the life insurance company has a lower risk and a lower death benefit payout if you die.

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