Decreasing term life insurance is a type of life insurance policy that pays over a fixed period of time. The level of payout decreases over the length of the policy. It is often used to cover the balance of a repayment mortgage. This policy pays out in the event of death of the borrower his or her partner is usually chosen to align associated with the debt. Many people choose level term insurance. The reason for this is that if you are trying to pay off debt with the insurance payout. One of the major benefit of decreasing term life insurance is that monthly premiums are often lower than with other types of life cover.