Meet your unique coverage needs.

If you were to pass away unexpectedly, how would your debts be repaid? How would your dependents continue to pay their monthly expenses? Decreasing term life insurance is only for a fixed number of years, which makes it a great option if you only need coverage while you have a young family or until your home or student loans are paid off. For those left behind (your beneficiaries), it’s financial security should the worst happen.

This type of decreasing term life insurance offers a simple paycheck-style pay-out. If you pass away while coverage is in place, your family would receive a recurring monthly benefit as opposed to a large lump sum. For many families, the monthly pay-outs are easier to manage and budget, helping to provide added stability during a difficult time.

And to make sure there’s enough benefit at the end of the term, decreasing term life insurance offers a 5-year minimum pay-out. This means that even if you were to pass away with less than 5 years remaining on your policy’s term, your loved ones would still receive a monthly benefit for 5 years. For example, if the claim is made on day one of a policy with a 20-year term, your loved ones will receive 12 pay-outs per year for 20 years. If the claim is made 19 years later (one year left on the term), your loved ones will receive 12 pay-outs per year for 5 years (5-year minimum pay-out).

The simplest answer is right there in the name: decreasing term. Decreasing term life insurance lasts for a certain number of years and has a total benefit amount that reduces in line with an outstanding debt you want to pay off, like a mortgage. This also means they’re usually less expensive when compared with traditional life insurance policies. Additionally, with decreasing term life insurance, the insured person must pass away during the term of insurance in order for a death benefit to be paid to the beneficiary of the policy.

For most individuals, their life insurance coverage needs decrease over time as children become financially independent, debts get paid, and savings and investments grow.

With a traditional 20-year term policy that pays one lump sum benefit, if the unexpected happens, the policy pays the same amount whether the claim is made on day one of the policy or 19 years later. The high premium that you pay every month for this type of coverage reflects that.

With a 20-year decreasing term life insurance policy, if the unexpected happens, your loved ones will receive a recurring monthly pay-out for the remaining period in the term, or for at least 5 years. Because the total number of pay-outs decreases over time, decreasing term life insurance is more aligned with typical coverage needs and much more affordable than a whole life insurance policy.

Decreasing term life insurance policies can last up to 30 years, which generally makes them cheaper than traditional life insurance policies that provide level coverage amounts. This decreasing term life insurance policy starts as low as $4.69/month* (*based on an 18-year-old male with $1000/month benefit amount + 10-year policy length).

Decreasing term life insurance is available in 10, 15, 20 and 30-year terms (subject to age limitations). When selecting a term length that’s right for you, you may want to consider things like how many years you have left on your mortgage or how long it’ll be until your children graduate from college or become financially independent.

Asteya’s offering of decreasing term life insurance, issued by C.M. Life, has a benefit amount that starts at $1,000/month and goes as high as $8,000/month, depending on your age and the length of coverage you’re applying for. When selecting a monthly benefit, you might want to consider how much your loved ones would need every month to replace your income or cover expenses or any other outstanding financial obligations.

The online application makes it simple to apply and purchase as there are no phone calls, no medical exams1 and no follow-ups required - you receive a decision instantly. If approved (this is not a guaranteed issue decreasing term life insurance product), the entire application should take you around 10 minutes to complete.

Asteya offers decreasing term life insurance that’s issued by C.M. Life Insurance Company - a subsidiary of MassMutual, one of the country’s oldest and most reliable insurers, having been around for 170 years. You can say it’s as dependable as they come.