Which type of life insurance would typically have a premium that decreases over time?

Decreasing Term Life insurance is designed with a premium structure that typically decreases over time in conjunction with the death benefit. This type of policy is often used to cover financial obligations that diminish over time, such as a mortgage or a loan. As these obligations decrease, the coverage amount also decreases, which is reflected in the lower premiums paid by the policyholder.

The essence of this insurance type is to provide adequate coverage for a period during which the insured liability decreases, ensuring that the policyholder pays only for the coverage they need at any given time in their life. This characteristic makes it an appealing choice for individuals looking to align insurance costs with decreasing financial responsibilities.

The other types of insurance mentioned, while relevant in their own contexts, typically do not feature a decreasing premium structure. Level Term Life maintains a constant premium and death benefit, Whole Life offers a fixed premium with lifetime coverage, and Variable Universal Life provides flexible premiums that can vary but do not necessarily decrease over time.