what is level premium insurance 
level premium insurance is a type of permanent or term life insurance where the premium remains the same over the policy s life with this type of coverage premiums are thus guaranteed to remain the same throughout the contract for a permanent insurance policy like whole life the amount of coverage provided increases over time as a result the coverage can be advantageous over a long period of time a policyholder keeps paying the same amount but has access to increased death benefit coverage as the policy matures term policies are also often level premium but the overage amount will remain the same and not grow the most common terms are 10 15 20 and 30 years based on the needs of the policyholder 1