Should I buy level or decreasing term life insurance?

The main things to consider when choosing one or the other is your life insurance need and budget for coverage. If you have a decreasing need for life insurance over time, a decreasing term life policy may be the better option. It may also be cheaper than level term life insurance, so if cost is a factor, that may help you decide between the two.

Should you reduce term life if you have a debt?

Decreasing term life can provide security for decreasing expenses: If you have large debts that will decrease over time like a mortgage, student loan, or business loan, decreasing term life can offer timely security in case you pass away and your debt is passed on to someone else (you'd make that person your beneficiary).

What is decreasing term life insurance?

Decreasing term life insurance, sometimes called mortgage insurance, provides temporary coverage for a specific financial need like an outstanding debt or mortgage. It typically costs less than level term life insurance because the death benefit decreases to account for the fact that the debt obligation will likely lessen over time.