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Decreasing Term Life Insurance

Have short-term financial needs, like paying off a loan? Decreasing term life insurance can keep you protected while helping you save on your policy.

What Is Decreasing Term Life Insurance?

Term life insurance plans keep you covered financially for a set period of time. With a decreasing term life insurance policy, the death benefit for the plan decreases over time. These plans are generally more affordable than other types of term life insurance, making them a smart choice if you just need insurance to cover a temporary need or plan to leave little to no debt for your family to pay off.

How Does Decreasing Term Life Insurance Work?

With term life insurance, you can choose from a variety of different term lengths, usually between five and 30 years. If you die while the policy is in force, your family will receive a lump sum of cash called a death benefit. With a decreasing term policy, your death benefit will go down by a scheduled percentage during every year of your policy.

For example, let’s say you buy a 20-year plan with a $200,000 payout and reduction rate of 5%. If you die during the first year of coverage, your loved ones would receive the full benefit amount, or $200,000. Every year after that, the payout would decrease by 5%. At the end of the fifth year, your benefit would be $150,000, or 25% less than the starting amount. The payout would keep decreasing until it is either paid out to your family when you pass away or the policy term is up.

Benefits of Decreasing Term Insurance

Decreasing term life insurance can offer financial protection for you and your loved ones in a variety of ways:

  • Affordable Coverage

    Affordable Coverage

  • Cover Temporary Needs

    Cover Temporary Needs

  • Protect Your Personal Assets or Business

    Protect Your Personal Assets or Business

Decreasing Term Options Through eFinancial

At eFinancial, we’re committed to helping individuals, couples, and families find the best life insurance plan for their lifestyle and budget. We offer top products and personalized, expert support from our team of life insurance agents.

Our goal is to make the process as easy and affordable as possible. We’ll work with you to determine the best coverage for your needs and guide you through the approval process.

Questions about decreasing term lifeinsurance

Get Decreasing Term Insurance Quotes From eFinancial

To get started, request your free, no-obligation online quote today, or call 866-388-3996800-957-9525 to talk with one of our agents about your life insurance needs.