Decreasing term

Insurance

Decreasing term

What is

Decreasing term

Insurance?

What Is Decreasing Term Insurance?

Decreasing term insurance is renewable term life insurance with coverage decreasing over the life of the policy at a predetermined rate. Premiums are usually constant throughout the contract, and reductions in coverage typically occur monthly or annually. Terms range between 1 year and 30 years but it depends on the insurance company and the plan they offer.

Understanding Decreasing Term Insurance

The theory behind decreasing term insurance holds that with age, certain liabilities, and the corresponding need for high levels of insurance decreases. Numerous in-force decreasing term insurance policies take the form of mortgage life insurance, which affixes its benefit to the remaining mortgage of an insured’s home.

Alone, decreasing term insurance may not be sufficient for an individual's life insurance needs, especially if they have a family with dependents. Affordable standard term life insurance policies offer the security of a death benefit throughout the life of the contract.

KEY TAKEAWAYS

  • Decreasing term insurance is often purchased to provide personal asset protection.
  • Decreasing term life insurance is less expensive than term or whole life policies.
  • A decreasing term life policy is very similar and may mirror the amortization schedule of a mortgage.

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  • Uninsured motorist coverage (UM) is an add-on coverage for auto policies that will pay for injuries and damages caused by an uninsured driver.
  • Hit-and-run drivers are also considered uninsured motorists.
  • Uninsured motorist coverage usually adds only a small cost to an auto insurance policy but provides beneficial coverage.

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Coverage and availability varies by risk type, state and insurance carrier. Not all coverages are available as specified and there are many variances among carriers.

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