When choosing between decreasing term and level term insurance make sure you ask yourself - what is my goal for my life insurance? Also, how much life insurance coverage do you need, and for how many years.
The main difference between decreasing term and level term if the way the amount of life insurance changes over time inside your policy.
Decreasing term insurance provides rates that remain level, while the amount of life insurance decreases over time. Some consumers choose decreasing term insurance to protect their mortgage.
Level term life insurance provides guaranteed level rates and coverage for the entire term of your policy, from 1-30 years. Level term life insurance is the most popular type of term life insurance because it offers affordable rates and coverage.
So, if you need protection that stays the same amount throughout the term of your life insurance policy, level term may be right for you, but if your life insurance needs will be declining over time, decreasing term may h