What is Level Term Life Insurance?

Level term life insurance is a type of life insurance policy that provides you with temporary life insurance protection for a specific number of years, which is called the "term".

Term life policies usually offer coverage for a period of 5, 10, 15, 20 25, or 30 years. Annually renewable term life policies provide life insurance for a term of 1 year which you may renew each year for a higher premium.

With level term life policies you pay a level premium each year for the entire duration of your term. So, with a 20 year term life policy your premium payment would be the same each year for 20 years. In addition, the amount of life insurance protection you have stays the same each year for the entire length of your term life coverage.

If you die during the term of your policy, your beneficiary (who you choose) will receive the death benefit from your life insurance. However, if you put live the term of your policy, there is no benefit paid out, your life insurance ends, unless you choose to renew your term life policy for another term, at a higher premium based on your age at that time.

Level term life insurance costs a lot less for 30 years (or less) of life insurance when compared to permanent life insurance that provides guaranteed lifetime protection. So, if you have a life insurance need of 30 years or less, a level term life policy may be a good option for you.

Here's how you can instantly compare the lowest level term life insurance rates among leading life insurance carriers.