Which of the following policies is most likely to be used for mortgage protection?

The choice of a decreasing term policy makes sense for mortgage protection because this type of insurance is specifically designed to align with the declining balance of a mortgage over time. As a borrower makes payments, the amount of debt owed decreases, and a decreasing term policy reflects that by providing a death benefit that likewise diminishes in value. This structure ensures that the benefit matches the outstanding mortgage balance, providing financial protection to the beneficiaries to pay off the mortgage if the insured were to pass away.

Level term, while it covers a fixed amount for a specified term, does not adjust to the changing balance of a mortgage, which can lead to a mismatch between the insurance coverage and the outstanding loan amount. Whole life and universal life policies are permanent insurance products designed for long-term financial planning and accumulating cash value, making them less suitable for the specific purpose of mortgage protection where the goal is to address the declining value of a mortgage rather than providing long-term coverage.