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What is a decreasing term life insurance policy?

A decreasing term life policy is very similar and may mirror the amortization schedule of a mortgage. Decreasing term life insurance is less expensive than traditional term or permanent life policies. Term life insurance is a form of coverage that provides a death benefit for only a certain length of time.

How does decreasing term life insurance affect death benefits?

With decreasing term life insurance, your death benefit will decrease over time – but the rate at which it decreases and what the ultimate benefit payout will be will depend on the terms of your insurance policy and the type of coverage that you purchase.

What is the difference between a level and decreasing term life insurance?

While a level term life insurance policy has a face value that remains constant over the life of the policy, decreasing term insurance has a death benefit that decreases either monthly or annually. However, the two policies are similar, in that they both have constant premiums and term lengths that typically span five to 30 years.

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