Decreasing term life insurance has its advantages and disadvantages. If you want your family to get a lump sum after you die to pay off mortgage or loan, this type of insurance may be right for you. Also, this policy is more affordable than a term life insurance.
However, this insurance has drawbacks, one, it only pays out the coverage amount if you die or if you are found to have a qualifying critical disease – that is, if you include critical illness cover in the term of the policy. Two, if you live beyond the end of the term, the insurance policy will carry no maturity value.
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