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What is decreasing term life insurance?

The most common use of decreasing term life insurance is mortgage protection insurance (MPI). MPI is a decreasing term life insurance policy that’s tied to your mortgage loan. You can often purchase this type of policy through your bank, but some life insurance companies offer it, too.

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.

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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