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Life Insurance
Advantages of Decreasing Term Life Insurance
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[QUOTE="Yusra3, post: 287012, member: 31907"] There are many advantages to lowering the term for your life insurance policy. First, you won't have to pay as much in premiums each month. With a lower term, you'll be able to afford a lower monthly payment. This means that, even if you're paying off debt, you'll still have money available for other expenses. Second, it can help keep up with inflation and make sure that your life insurance policy is still affordable if your income changes over time. If your income goes up or down by 10%, but your term stays the same, it may not be enough to cover what you need in terms of coverage. Third, if someone dies while they're still alive, the person's beneficiaries will get less than they would have if their death occurred during the period when their term was higher. This can lead to financial hardship for family members who are left without any income or assets after someone dies unexpectedly." [/QUOTE]
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Advantages of Decreasing Term Life Insurance
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