This is a type of life insurance where the death benefit gradually decreases over the life of the policy. This means that as the insured ages, the amount paid to the beneficiaries becomes progressively lower. This type of insurance is often used in conjunction with a mortgage loan, where the insurance payout decreases as the mortgage debt is paid off. It is also used in the creation of a pension limited partnership, where the decreasing risks are hedged as the pension accrues.