Most insurance agents who sell term life insurance suggest that you should purchase straight term life insurance as opposed to decreasing term. The cost of decreasing term can be much higher than regular term insurance.

These kinds of term life insurance policies will pay your mortgage in the event of death or disability. But the cost of these policies can be three to five times as much as comparable straight term life insurance. Plus, the value of this insurance actually goes down as you pay down your mortgage. If you're worried about burdening your family with mortgage payments, you will be better off buying straight term life insurance.

Decreasing Term Life Insurance (sometimes called mortgage protection assurance) is where the sum assured decreases over the term of the policy. It is typically purchased by people looking to protect their repayment mortgage in the event of death, although it can be used to protect the repayment of a reducing debt – such as a loan, or school fees etc.

If you have a 30-year mortgage buy a 30 year term policy in the same amount as your mortgage; it will be less expensive than mortgage life insurance or decreasing term life insurance. Lastly you will have better coverage for a better price.