I've been looking into getting a personal life insurance policy, and decided I wanted decreasing term, since my exposure will decrease as I pay off debt and save for retirement. I was surprised to find that it is difficult (in the US) to find decreasing term insurance.
Does anyone know why it seems so unpopular? Having taken MLC, decreasing term should always cost less than half the amount of level term with the same initial face (assuming mortality increases with age). This seems to be the ideal solution for most people who will be paying off a mortgage and saving for retirement.
So I guess the two questions are: 1. Why is it unpopular when it seems like the best match to a normal person's exposure?
2. Anyone know how I can get decreasing term (at a rate that is less than half of level term)?
Does anyone know why it seems so unpopular? Having taken MLC, decreasing term should always cost less than half the amount of level term with the same initial face (assuming mortality increases with age). This seems to be the ideal solution for most people who will be paying off a mortgage and saving for retirement.
So I guess the two questions are: 1. Why is it unpopular when it seems like the best match to a normal person's exposure?
2. Anyone know how I can get decreasing term (at a rate that is less than half of level term)?
Decreasing Term