Decreasing Term Life Insurance
What is Decreasing Term Life Insurance?
Decreasing Term Life Insurance provides you with a decreasing amount of life insurance coverage each year, while your insurance premiums remain the same each year for the entire term of your policy.
The main benefits of Decreasing Term Life include:
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- Guaranteed Level Rates for the entire term of your life insurance policy.
- Flexible Terms – Coverage for 10, 15, 20, 25 or 30 years.
- Low Rates for term life insurance coverage.
Example: $300,000 15 Year Level Term Life Policy - $350 annual premium.
You would pay $350 each year and if you pass away during the 15 year term, your family (beneficiary) would receive the proceeds from your decreasing term policy. However, if you are alive after the 15-year term life policy expires, your life insurance coverage ends.
Why Choose Declining Term Insurance?
Decreasing life insurance makes it easy for you to budget for your life insurance. Since your life insurance rate stays the same each year, you can count on no increase in your premiums.
Decreasing term life provides coverage that declines each year, but your premiums stay the same.
You also get the option of choosing coverage for a period of 10, 15, 20, 25 or 30 years, which offers you the flexibility to buy the life insurance you need, while you need it, to meet your family’s needs.
For example, many families choose a 20 or 30-year decreasing term plan to provide protection for their family until the kids are grown and on their own. And, a 30-year plan can give you protection to pay off your mortgage loan on your home.
When comparing term life insurance prices make sure you consider:
- How many years you need life insurance protection.
- How much life insurance coverage you need.
- How much you can afford to pay for your life insurance policy.
In addition, when reviewing your decreasing term insurance quotes make sure you consider the financial strength rating (which is shown with the quotes). The financial rating is an indication of the insurance company’s ability to meet their financial obligations, and pay their claims.
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