A form of term life insurance where the death benefit decreases each year per a predetermined formula. Premiums remain level. This type of certificate is frequently sold as mortgage insurance.
This is a type of term life insurance policy that is commonly used to pay off a repayment mortgage. The value of the life insurance policy will decrease throughout the term but the premiums will remain the same.
A term insurance policy (or an attached benefit) with a death benefit that reduces annually.