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Contributed by mm | October 5, 2006 6:51 AM PST
Decreasing Term Life Insurance is a cost effective way of arranging life assurance.
Decreasing Term Life Insurance is usually taken out to repay such things as loans and mortgages in the event of the death of one of the lives assured but can occasionally also be used to provide family protection cover.
It should be noted that the amount of Decreasing Term Life Insurance decreases during the term of the life insurance policy normally approximateley in line with the amount the loan or mortgage decreases so there should normally be sufficient life insurance cover in place to clear the liability in the event of the death of the life/lives assured during the policy term.
The premium normally remains constant but the amount of the premium reflects the fact that the life insurance cover is decreasing.
Decreasing Term Life Insurance is normally arranged either payable on a sole life or joint life first death basis.
In the event of the lives assured being alive at the end of the policy term the Decreasing Term Life Insurance policy normally finishes and nothing is payable.
Source: EZine
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Quick Facts About Viatical Settlement? (October 5, 2006)
A viatical settlement is the sale of a life insurance policy by the policy owner, before the policy matures. Such a sale provides the policy owner an immediate cash settlement. Generally, viatical settlements involve insured individuals with a life expectancy of less than 5 years ...
What Is Adjustable Life Insurance? (September 20, 2006)
Adjustable life is a type of permanent protection that lets you change the amount of your premiums. You can also raise or lower the face amount of the policy, or shorten the protection period. If you increase the death benefit, you must prove that you ...
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