Decreasing Life is used to indicate the amount of coverage decreases over the term of the policy. So, used in credit insurance, the coverage drops as the loan balance drops. Level Life indicates the amount of coverage and cost remains until the policy terminates.
Note* - GIven that a balloon loan has a portion where the amoritzed balance decreases and the balloon amount remains, CU*BASE does NOT support the use of both decreasing life and level life on the same balloon loan.