What is level term life insurance?

It is basically a life insurance policy that is in effect for a set period of time (usually 10, 20 or 30 years), and the death benefit stays unchanged (level) for that time.

For example, a 20 year level term policy in the amount of $1,000,000.00, will pay the beneficiaries the full million dollars if the insured person dies within twenty years.

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If the policy was a decreasing term policy, the amount paid out would decrease with time. As you can imagine a level term policy is the best choice.

Even when compared to whole life insurance, a level term policy is a much better deal because it costs considerably less. Sometimes as much as 6 to 8 times less. Why pay the insurance companies hefty fees to invest money for you, if you can do it yourself and save a bundle for the duration of the policy.

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