Baby Guide > Articles > Buying Life Insurance - Declining Balance Term

Buying Life Insurance

Declining Balance Term

This is a variation of term life insurance. This kind of life insurance is an affordable option, but has no cash value. The amount of the life insurance is only paid if you die during the policy's term.

This particular kind of insurance is often used as mortgage insurance since it can be written to match the amortization of your mortgage principal. Wile the premium stays constant over the term, the face value steadily declines because your will owe less on your home over time. Once the mortgage on your home is paid off, the policy expires.

If you have any further questions about getting life insurance, try getting a life insurance quote from a reputable company.

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