Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Decreasing Term Life InsuranceDecreasing term life insurance is a form of life insurance that is becoming more and more popular.

It offers insurance coverage that decreases over the term of the policy, in order to keep premiums down and meet the common need of more life insurance earlier in life and less as one ages (as kids get older, the house gets paid off, etc).

Decreasing term life insurance coverage is one of the best ways to make a life insurance policy more affordable. Your premium will typically remain stable throughout the term of your decreasing life insurance policy.

However, the insurance company keeps it that way and makes it affordable by lowering your amount of coverage as time passes.

Should you buy decreasing term life insurance? To compare decreasing term life insurance quotes with quotes on many other types of life insurance just enter your zip code in above!

Ideal Candidates for Decreasing Term Life Insurance

If you have children who are getting close to the tween years, you may find that while it is extremely important to invest in life insurance, you recognize that it is not as important to carry as much coverage or for as long as if your children were little. In another 10 years your children will be close to being launched for life and, while you will still need life insurance, fewer people will be dependent on you and you will have fewer obligations so you need not have as much coverage then.

The reality is that your premiums are better when you are younger and it is easier to get life insurance when you are younger. Therefore, in order to get a policy that adapts to your needs, a decreasing life insurance policy lets you get a longer term policy now for a decreasing amount of coverage, so that you can keep the cost down and not have to shop around for a different policy later.

If you can not afford whole life insurance or even regular term insurance, decreasing term life insurance is an excellent option. It allows you the coverage you need when you need it most at a more affordable price than traditional types of life insurance.

If you are considering mortgage insurance, you might opt instead for decreasing term life insurance. It will effectively work the same way, however it is not tied to any one asset. Your beneficiaries can use it any way they choose or wherever it is most needed.

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Different Options to Choose From

If you are in the market for decreasing term life insurance you will find that it is available in a variety of different terms from 5 years to 30 years. You will need to select what works best for you, bearing in mind your age, the age of your children, how many years are remaining on major debts like your mortgage, and of course your health. You will find that shorter term policies are less expensive than longer terms, like ordinary term life insurance coverage.

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Shopping for Decreasing Term Life Insurance

If you are in the market for decreasing term life insurance, one of the best ways to get it is by shopping around online using a free online quote tool. By doing so, you will get a variety of quotes from top insurance companies offering this type of coverage. It is a very time-efficient way to shop for life insurance, as you enter your information only once and the tool takes care of submitting it to various companies for you.

When you receive your quotes, take the time to carefully compare them, making sure that they are for the same period of time and the same amounts. In addition, if there are exclusions or limitations on the policies, you will want to review that information carefully. When you have narrowed down your choices, look more closely at each insurer.

You should always investigate the financial stability and the customer service record of any insurance company you are planning to do business with. For life insurance it is extremely important to check into the financial stability of the insurer, as you hope the company will not have to pay out for a long time, but if it does you and your beneficiaries will want it to be still in business and stable enough to pay out the claim. You can get this information about any insurance company by contacting one of the independent insurance ratings companies like Weiss or A.M. Best. They will tell you how the insurer is doing financially and what their economic outlook for the future is.

Check into the life insurance companies’ customer service records. Your state department of insurance will keep records of complaints made against companies, so that is a good place to start checking. In addition an online search can often turn up customer service raves or problems. It is easy for a life insurance company to offer good service when they are collecting premiums. When it comes time to pay out benefits, you want the service to be even better.

Decreasing Term Life Insurance Rates

Get started now with free online quotes for decreasing term life insurance to take care of those things that will not always be a factor for you. Enter your zip for free quotes!