With a standard term life insurance policy, it is seen that the death benefit of the policy remains the same throughout its tenure. For example, if the cover is for 500,000 GBP at inception of the policy, irrespective of the occurrence of death - the very next year or just before the term ends.
With a standard term life insurance policy, it is seen that the death benefit of the policy remains the same throughout its tenure. For example, if the cover is for 500,000 GBP at inception of the policy, irrespective of the occurrence of death - the very next year or just before the term ends - results in the nominee receiving the same death benefit. The premium remains the same.
In a difference to this norm, a decreasing term life insurance policy differs by reducing the coverage as time passes. Again, the premium remains the same. Amazingly, a decreasing term life insurance policy is very useful, especially considering that the coverage should increase higher as age increases.
This kind of insurance is best suited to people with mortgages. While a mortgage payment reduces over the years, if the ability of the borrower is questionable, it would be best to take out a decreasing term life insurance policy. For a mortgage borrower, this kind of life insurance is like a hand in glove, since the premium is lower and the coverage is just right, if planned properly.
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