subject: Types of Term Life Insurance Policies [print this page] In decreasing term policy, the level of coverage will reduce by each year. However, you are still required to pay for the same amount of premium every year. Just like other term life insurance policy, the coverage length will range from 1 - 30 years. Sometimes, the decreasing term policy is called mortgage life insurance. The theory of decreasing term policy is that a person will need lesser insurance as time goes by. People who don't hold other types of life insurance should not purchase decreasing term policy because it does not guarantee a level payout.
Types of Term Life Insurance Policies
By: Jenny Farikani
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