If you are interested in decreasing term life insurance, we can help you find out more information. We can also find you a decreasing term life insurance quote. Here are some of the most frequently asked questions we receive about decreasing term insurance.
What is decreasing term life insurance?
It`s a type of life insurance where the policy amount to be paid in case of your death would generally decrease as time went on. Hypothetically, with a 20-year decreasing term life insurance policy, you might get paid a certain amount early into the policy, and less later into the policy.
What would be the point of having a decreasing term life insurance policy, where your beneficiaries may get less money as time went on?
The main reason to get a decreasing term life insurance quote may be if you had a mortgage or a huge debt (like student loans) to pay off. If you had a $400,000 mortgage, and had a policy to cover that amount, you may not need to have a $400,000 life insurance policy 30 years from now, when the mortgage could be paid off. That`s where a decreasing term insurance policy may be helpful.
What is the difference between decreasing term insurance and mortgage protection insurance?
Mortgage protection insurance may be known as decreasing term insurance. However, decreasing term insurance may apply to coverage for a number of different debts.
What are the negatives about buying decreasing term insurance?
Decreasing term life insurance may work if you are concerned about having your mortgage paid for, but decreasing term life insurance may not work for you because of the fact that the amount paid goes down as time goes on, in a time when it is more likely that you could pass away.