Decreasing Term Life Insurance
Definition
- An annual renewable term life insurance policy with benefits that shrink over time at a rate established by the insurance policy. Decreasing term life insurance policies generally offer level premiums. Also known as "decreasing term insurance" and occasionally as "mortgage life insurance."
Synonyms
decreasing benefit insurance, shrinking term life coverage
Related Terms and Acronyms
- Fixed Premium — Definition,
- Insurance or annuity premiums that stay level for a specific period of time.
- Insurance Renewal — Definition,
- Extending the term length on an insurance policy.
- Level-Premium Insurance — Definition,
- Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
- Life Insurance — Definition, Very Important,
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
➥ CanEquity offers life insurance. - Term Life Insurance — Definition,
- Life insurance that provides coverage for a set period of time, often from five to forty years.
