Decreasing term insurance offers temporary life insurance protection for a period of up to 30 years. The premium remains the same each year, while the amount of life insurance decreases, in line with your decreasing mortgage.
However, the decreasing term coverage is paid out to the beneficiary of the policy if the insured person dies. The beneficiary can use the money to pay off the mortgage.
Here's how you can learn more about how decreasing term life insurance works and compare free rate quotes online today.