What Is Level Benefit Term Life Insurance? 
A level benefit term life insurance policy states that the death benefit will remain the same for the life of the policy . Term life insurance guarantees the premiums will remain fixed for a specific number of years -LRB- 5 , 10 , 15 , 20 , 25 , or 30 years -RRB- . After the initial period of premium guarantee expires -LRB- the term period -RRB- , the policy will be annually renewable and premiums will increase each year -LRB- based on age -RRB- . 