Term life insurance, is a type of insurance where a person’s life is covered for a limited period of time. Many people prefer term life insurance, as the rates of this kind of policy are the lowest.
As all term life insurance policies are pure death benefit policies, there are fewer complications involved in it.
Decreasing term life insurance is usually purchased to cover the mortgage debt. In this type of policy, insurance decreases at almost the same rate as that of the mortgage debt balance.