life insurance companies
offer a decreasing term life insurance policy which provides for the eventuality where ones need for
is more likely than not to decrease rather than increase.
This decreasing term life insurance policy would last for a specific number of years. The premium would remain level and the death benefit would decrease in a uniformed manner over the duration of the policy.
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Decreasing term insurance is therefore a
term life insurance policy
in which the face amount decreases yearly but the premium remains the same. This is very
inexpensive term life insurance.
Let us, as an example, consider a situation where you have just bought a
If you borrowed money to purchase this home you have a mortgage. In the initial years the majority of your monthly mortgage payment is applied to interest and what is referred to as a sinking fund.
This fund is money put aside to assist in wiping out your mortgage debt at a future date. Very little of your payment is applied to principal. This, however, gradually changes as the years go by and more and more money is applied to principal each year
...as the balance owed, that is the principal owed, decreases. Each year there is less need for life insurance to cover this particular need. The face amount, or death benefit of the policy also decreases each year as the need for this decreasing term life insurance decreases.
Let us say, for example, you have a 20 year mortgage on your
house. In the nineteenth year there will be very little owed on your
mortgage loan. The amount of decreasing term insurance on your life
would be close to that amount...just sufficient to pay off the balance
This type of insurance is very inexpensive and I often encourage people I know who purchase a home with a mortgage to buy such a policy.
Decreasing term insurance can be applied to many other situations as well. It can be used to assure that a child's college education will be completed even if the parent who is paying for it is not around at the time of completion. It can be used to cover other personal or business debts as well.
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No Medical Exam Life Insurance. What is going on here? Is this new? The way people act one would think that this is an entirely new idea.
Consider online life insurance. Buying life insurance online can be quite a simple process especially if you know how much you want and what type.
There are many pages on this website on term insurance details and how it works. What I want to do on this page is give you a basic and general outline of this policy.
You may find it a valuable experience as well as enlightening if you took some time to get a term life insurance quote on your favorite term policy.
Key employee life insurance is really a necessity.