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Do i need decreasing life insurance as well as level term life insurance?
Wiki User
∙ 11y ago
i AM NOT AN ATTORNY, BUT MY UNDERSTANDING IS AS FOLLOWS. I AM ONLY TRYING TO PROVIDE MY HUMBLE/PERSONAL OPINION WHICH I HOPE MIGHT HELP. IF ANYTHING ELSE THIS MAY PROVIDE OTHER DISCUSSION THAT HAY ALSO HELP YOU:
1. Decreasing TERM LIFE insurance is usually used to provide your beneficiaries with monies to be used for paying off your house/loans/car loans/etc in the event of your death. NO OTHER MONIES ARE USUALLY AVAILABLE FOR DISTRIBUTION TO YOUR BENEFICIARIES UPON SETTLEMENT OF YOUR ESTATE. .
2.Term Life is generally used to provide your beneficiaries with a certain amount of money, determined by you, to be used by your beneficiaries as they see fit upon your death. SUCH FUNDS ARE GENERALLY PAID DIRECTLY TO YOUR DESIGNATED BENEFICIARIES UPON SETTLEMENT OF YOUR ESTATE.
Hope this helps a little!
Wiki User
∙ 11y ago
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