Michael wants to make sure that life insurance proceeds are available

Michael wants to make sure that life insurance proceeds are available to pay his outstanding mortgage balance if he dies.

He purchased a type of life insurance in which the amount of coverage gradually declines, just as his outstanding mortgage balance gradually declines. This type of life insurance is called
A) modified life insurance.
B) decreasing term insurance.
C) re-entry term insurance.
D) current assumption whole life.

ANSWER

Answer: B