What type of Term Life Insurance maintains level premiums and benefits?

Level Term Insurance is designed to provide a fixed death benefit for the duration of the policy with premiums that remain consistent throughout the term. This means that the policyholder pays the same amount each year, making it easier to budget for insurance costs. The death benefit does not change, providing peace of mind to the insured and their beneficiaries because they know that the amount paid in, as well as the amount received in the event of death, will remain constant.

In contrast, Decreasing Term Insurance features a death benefit that declines over time, typically used for specific needs such as covering a mortgage. Increasing Term Insurance, on the other hand, has a death benefit that rises over the term of the policy, which may appeal to those looking to counteract inflation. Meanwhile, Group Term Insurance is a policy that covers multiple individuals under a single contract, often offered by employers. While it can be issued with level benefits, the question specifically targets individual term life options, thereby highlighting Level Term Insurance as the most accurate answer in this context.