Why Buy Decreasing Term Life Insurance?
Many people buy decreasing term life insurance so they can get an affordable premium that will suit their needs. It is easy to understand when you consider a common use like mortgage life insurance. If a mortgage carries a $150K balance, then that might be a good face value for the life insurance policy. Likewise, if the mortgage has 10 years to go, then a ten year term life insurance policy would be a good choice.
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As the mortgage balance declines, so does the face value of the life insurance company. For intance, half way through the policy, maybe only $75K would still be owed, and the policy could have a value close to that. The good thing, is that insurance companies will charge less for a decreasing face value life insurance policy because their risk gets lower as time passes.
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