The correct answer is: D. Decreasing Term Insurance
Mortgage redemption insurance is a type of decreasing term insurance that is designed to pay off the remaining balance on a mortgage if the insured person dies. The amount of coverage decreases over time, as the mortgage balance decreases.
A constant term insurance is a type of term insurance that provides a fixed amount of coverage for a set period of time, regardless of the insured person’s health or financial situation.
An increasing term insurance is a type of term insurance that provides a fixed amount of coverage that increases over time. This type of insurance is often used to cover the cost of education or other expenses that are expected to increase over time.
A savings insurance is a type of insurance that combines life insurance with savings. This type of insurance allows the insured person to build up a cash value that can be used for retirement, education, or other purposes.
Decreasing term insurance is the most common type of mortgage redemption insurance. It is a good option for people who want to ensure that their mortgage will be paid off if they die. However, it is important to note that decreasing term insurance does not provide any savings or investment benefits.