What is the key feature of decreasing term insurance?

The key feature of decreasing term insurance is that the death benefit decreases over the policy duration. This type of insurance is designed to provide coverage that aligns with specific financial obligations that typically decrease over time, such as a mortgage or a loan. As such, the amount of the death benefit is pre-set to decline at a certain rate until it reaches zero by the end of the term.

This structure allows policyholders to pay lower premiums compared to level term insurance, where the death benefit remains constant throughout the policy's life. By evident design, decreasing term insurance is utilized primarily for situations where the financial responsibility diminishes over time, ensuring that the insurance coverage is in line with the actual need for protection.

The other characteristics mentioned in the other options are not applicable to decreasing term insurance, making it essential to understand that the defining aspect is its decreasing benefit value as the term progresses.