Keywords:  death, benefit, life, policy, premium
term life insurance contract where the face amount of the policy decreases over the length of the contract. The premiums on the contract may not decrease. This type of life insurance is often used for mortgage insurance. As the outstanding balance of the mortgage decreases, the protection needed may also decrease. Also see Life Product Comparison.
Decreasing term life insurance is life insurance in which the total value of the death benefit decreases annually. Decreasing term life insurance is also known as mortgage insurance.
A form of life insurance policy in which the policy's death benefit decreases over the term of the plan.