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WHAT IS NONLEVEL TERM INSURANCE?
Your term insurance premiums are (normally) level. However, there are two types of term policies where nonlevel premiums are applicable; (1) increasing term insurance, (2) decreasing term insurance.
Increasing term insurance is mostly used as a rider to increase the insurance of an existing policy to keep up with inflation or to meet any additional liabilities that are anticipated in the future.
Decreasing term insurance is mostly used to provide funds to payoff your mortgage, and mainly provided through mortgage lenders.
