This is a type of term life insurance where the amount of the death benefit decreases while the premium remains the same for the term of the contract. It is often used to provide protection for a debt the insured has incurred such as a mortgage.For example, a 10-year, $100,000 decreasing term life policy would decrease in protection at $10,000 per year as a debt is paid down. At the end of the year 10, the value of the policy is zero and the coverage expires. (See Term Insurance).