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Decreasing Term Life Insurance

A decreasing term life insurance policy provides benefits that gradually decrease in value during the life of the policy. Monthly premiums will remain the same at first, but the amount of coverage provided will go down over time.

Decreasing term life insurance definition

Term life insurance that decreases in value during the life of the policy.

Who can buy decreasing term life insurance?

Decreasing term life insurance can be purchased by most people between the ages of 18 and 75. Premium prices vary according to age and health. The younger and healthier you are, the more affordable your coverage will be. Decreasing term life insurance is difficult to obtain for those who are terminally ill, although some cancer survivors, diabetics in good health, and people who take certain medications can qualify for coverage – albeit at a higher premium.

How does decreasing term life insurance work?

The death benefit for a decreasing term life insurance policy shrinks with every passing year. Eventually, premium payments decrease as well. Many policyholders use benefits from decreasing term life insurance policies to pay off mortgages, which also tend to decrease in value over time.

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