A life insurance policy that pays out a lump sum in the event of death. The amount paid out can be calculated so that it fall in line with your outstanding mortgage debt â€` meaning that over time the borrowers premiums also fall. This type of policy is well suited to providing cover on a repayment mortgage.
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An insurance policy that pays out a lump sum under the terms of the policy (typically on death of a policy holder) during the term of the policy. Decreasing term refers to the fact that the benefit decreases throughout the term. It is often set up to protect a capital & interest mortgage.
Found on
http://www.encyclo.co.uk/local/20464
Life insurance in which the death benefit decreases over the term of the policy although the... <a target=_blank href='http://www.finance-glossary.com/terms/decreasing-term-assurance.htm?id=375&ginPtrCode=00000&PopupMode=false' title='Read full definition of decreasing term assurance'>more</a>
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