What Does Level Term Life Insurance Mean? 
Term Life Insurance provides benefits only upon the death of the insured individual during the `` term '' . There are many reasons why a individual may chose to purchase a term policy instead of a whole life policy . The answer to your question is tied into the reasons why a individual purchased the coverage . Level Term Life Insurance policies generally have set periods of time -LRB- 10,20,30 years -RRB- where they will provide benefits , with level term premiums and benefits never change during the `` term '' or period of time that the individual is covered . There are also increasing/decreasing term life policies that are used to address different needs . The most common example would be a individual being contractually obligated to purchase decreasing term life when obtaining a mortgage . The policy would start out with death benefits equal to the mortgage , and decrease as the individual payed of the mortgage . The end result would be both the policy and the mortgage balance decreasing to $ 0 by the end of the period . 