• Level premium insurance is a type of life insurance in which premium payments remain at the same level throughout the entire term, and the amount of coverage offered increases.

  • Premium policies can be permanent or lifetime.
  • Permanent insurance, such as life insurance with tier premiums, tends to cause death benefits to increase over time, even if insurance premiums stay the same.
  • This is because permanent life insurance has a cash value that is added to the death benefit amount.
  • Lifetime policies will not be extended and are usually set at 10, 15, 20 and 30 years.