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Level Premium Level premium is for of life insurance where the amount of the premium does not change each year. In most level premium cases, the premium costs more than the cost of the coverage when the insurance is first received, and lower than the actual cost as the policy matures. One of the benefits of level premium life insurance is that the policy builds up a reserve as the premiums earn interest over the years. This is why the policy can be underpaid as the policy matures. Another benefit of receiving level premium life insurance is that you will be able to easily budget for your premium amount. It will not change, no matter what changes in your health situation. You can have level premium life that is term or whole life insurance, whatever you choose. Whole life insurance policies will have higher premiums than term life policies, since they extend into the later years of life. More Glossary Terms Explained here |
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