A form of Life Insurance that provides a death benefit which declines throughout the term of the contract, reaching zero at the end of the term.
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Spendthrift Clause
A clause in most Life Insurance policies which prevents the creditors of a beneficiary from claiming any of the benefits payable to him before he actually receives the money. The purpose of this clause is to keep those to whom he is in debt from taking legal action to require the insurer to pay the proceeds directly to them.