If you are looking for an affordable life insurance policy that will still cover you, you may want to consider decreasing term life insurance. What this means is that the face value, or insured amount, of the policy will decline throug the term of the policy. A common use for decreasing term is to cover a mortgage against the death of the primary payer. As the mortgage owed goes down, so does the coverage.

The advantage is that the life insurance company takes less risk, because as the years go by, they are liable for less money. Deep into a 20 or 30 year policy, when the insured person is older, the insurance company has less of a liability if the insured person dies. This means they can offer a cheaper life insurance rate to an applicant.

You can even choose a return of premium term life insurance policy for a little extra premium, which will refund all of your premiums if you survive the policy!

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