Decreasing term life insurance is a term life policy with a death benefit that gets smaller over time. It's beneficial if you expect your loved ones to gradually need less financial support as time passes.
What does decreasing mean in life insurance?
If you have a Life Insurance Plan with decreasing cover, the cover amount decreases over time, broadly in line with the repayment mortgage or long-term loan that you're repaying. Your premiums stay the same during the term of the policy, unless you make changes to the cover.
Is it better to have decreasing life insurance?
The amount the life insurance policy pays out falls as the insurance term progresses, on a monthly or yearly basis. It will be down to zero by the end of the term. That means if you were to die near the beginning of the term, your loved ones would receive more money than if you died nearer to the end of the term.
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