'Decreasing term' life insurance is BEST described as:

Explanation

Decreasing term life insurance has a level premium but a death benefit that declines over the term — most commonly designed to track an amortizing mortgage balance ('mortgage protection insurance'). As the homeowner's mortgage debt decreases each year, the insurance amount decreases in parallel, reducing the insurer's exposure and keeping premiums low and level. The policy expires at the end of the term with no cash value. A face amount that rises each year with published inflation while the premium stays level describes 'increasing term' (typically tied to inflation and used as a rider). A whole life policy that gradually converts itself into term coverage as cash value is drawn down is fabricated; whole life does not convert to term. A premium that decreases a little each year while the face amount stays level describes 'decreasing premium' (rare; the opposite of normal age-based pricing). The classic use case is matching mortgage payoff: a $200,000 balance shrinks each year alongside coverage.