The secondary beneficiary is the person named to receive benefits if the primary beneficiary is not...
decreasing term life insurance
Decreasing term life insurance refers to a term life insurance policy where the face amount declines by a stipulated amount on a periodic basis.
Additional Information
Decreasing term life insurance is often used to insure the reducing monthly balance of a home mortgage. An example of a decreasing term life insurance policy is a policy with an initial face amount of $250,000 that decreases by the amount of the remaining mortgage. It decreases as the mortgage is amortized.
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