What is the type of term life insurance where the face amount and the premium remain the same throughout the policy period?

Level term life insurance is designed so that both the face amount (the death benefit) and the premium remain consistent throughout the duration of the policy. This means that regardless of when the insured passes away during the term, the beneficiaries will receive the same death benefit amount, and the policyholder will pay the same premium each period, providing stability and predictability in coverage and costs.

In contrast, decreasing term life insurance features a death benefit that declines over the policy term, which may be ideal for covering debts that decrease over time, like a mortgage. On the other hand, increasing term life insurance provides a death benefit that rises throughout the policy term, which could be useful for keeping up with inflation or increasing financial needs over time. Credit life insurance, specifically designed to pay off a borrower's debt upon their death, often does not maintain a consistent face amount or premium in the same manner as level term life insurance.

Thus, the defining characteristics of level term life insurance make it a straightforward and reliable option for individuals seeking a predictable and unwavering death benefit and premium throughout the policy's term.