What Does Level Premium Period Mean Life Insurance? 
The level premium period applies to term insurance because whole-life and many universal life policies offer a level premium for your entire lifetime . Term life insurance has premiums that go up and get more expensive every year . Most people that buy term pay extra for a level premium for a certain period . That way you can keep the premium affordable for 20-years or so and usually you cancel the policy after that period of time because it will be way more expensive if you try to continue it after that . 