Definitions for "Decreasing Term Insurance"
Related Terms:
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A form of term life insurance in which benefits are reduced over the term of the policy.
A term life insurance policy with a level premium and a death benefit that decreases over time. Decreasing term insurance is sometimes used as mortgage cancellation insurance, with the death benefit reducing as the principal amount of the mortgage declines over the term of the mortgage.
Life insurance for a fixed period of time or specified age but where the sum assured decreases each year. At the end of the term the sum assured has decreased to a very low level and the policy comes to an end without value. This type of policy is normally used to protect a capital repayment mortgage and is commonly known as mortgage protection insurance.
Life insurance which pays out a lump sum if you die within the term, but where the insurance sum assured reduces during the term. The earlier you die in the term, the bigger the payout your dependants get.
Term life insurance on which the face value slowly decreases in scheduled steps from the date the policy comes into force till the date the policy expires, while the premium remains level. This decrease usually occurs at a monthly or annual interval.
Life insurance that pays out a lump sum if you die within the term of the plan , but where the insurance sum assured reduces during the term.
A popular choice for insuring mortgages, this type of policy has premiums that remain the same each year. The amount of coverage decreases yearly (along with the amount owing on the mortgage). p 152
The face value of Term Life insurance gradually decreases over time. Usually the premium levels will remain the same.
Life insurance for a fixed period of time or specified age but where the sum insured decreases each year. At the end of the term the sum insured has fallen away & the policy has no remaining value. Typically used as a Mortgage Protection Plan.
Term insurance coverage that decreases over the period of the contract, until the policy expires (for example, mortgage redemption insurance).
Term insurance by which the death benefit decreases annually but the premium remains level. This type of insurance is typically used to cover mortgages.
A form of Life Insurance that provides a death benefit which reduces throughout the term of the contract.
Level Premium Term insurance with death benefits that decrease each policy anniversary. The death benefit may decrease according to a schedule that fits a declining need, such as a loan balance.
Term life insurance on which the face value slowly decreases in scheduled steps from the date the policy comes into force to the date the policy expires, while the premium remains level. The intervals between decreases are usually monthly or annually.
Term insurance with a decreasing death benefit. The death benefit may decrease according to a schedule to fit a declining need, such as a loan balance.
This is a form of Term Insurance in which the premium remains level but the benefit decreases during the course of the term. This type of term insurance is usually used to protect a mortgage.
Insurance that pays out a decreasing amount of money the closer the policyholder draws to the end of the term.
Term life insurance in which the face or coverage amount decreases over the life of the policy, while the premium remains level. The decreases in coverage are normally scheduled monthly or annually. An example is Mortgage Insurance. Back to the top of the page
With decreasing term insurance, you purchase life insurance for a specific period of time, such as 20 years. The death benefit gets smaller over the term, and diminishes to practically nothing in the final year.
A type of term life insurance in which the amount of coverage decreases during the term of coverage.
A term insurance policy with a death benefit that decreases over time. Decreasing term insurance is often used in conjunction with a mortgage or other amortized debt. For example, a holder of a 30-year mortgage may also hold a 30-year decreasing term insurance policy to cover the mortgage if he or she dies before it is paid off.