Sometimes, customers have been known to confuse that type of term life insurance product with something like "credit life", as I have heard it called before. Credit Life insurance is very expensive and way overpriced, at least in every situation I encountered it in the over 11 years I was in the insurance business.
Insurance companies do offer products like Yearly Decreasing Term Life, but usually you would have to ask an insurance agent specifically about it. It is one of those products they sell but the margins are a lot lower and it shifts more risk to the insurance company than the customer than other products offered.
For the coverage, imo, a Decreasing Term Life policy specifically for that is a financially responsible product to help financially protect the family and/or a surviving spouse. That, or having a large enough Term Life policy to cover the mortgage, all other debts, and enough to invest and live off the profits. |