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

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Decreasing term insurance is a type of life insurance where the coverage amount gradually declines over time, just like the outstanding mortgage balance. This ensures that the proceeds from the insurance policy can be used to pay off the mortgage balance in case the insured person dies during the term of the policy. This type of insurance is often purchased by homeowners who want to protect their loved ones from the burden of mortgage payments in the event of their untimely death.

Michael Wants to Make Sure That Life Insurance Proceeds Are