Level-Premium Insurance

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Level-Premium Insurance

A term life insurance policy in which the premium remains the same throughout the term. The premium one pays for level-premium insurance is higher than other policies with similar coverage, but the coverage increases over the term of the policy. This means that by the end of the term, the premium is lower than other policies with similar coverage.
References in periodicals archive ?
A plan qualifies under 412 (i) if all plan benefits are funded and guaranteed by individual level premium insurance company contracts, all premiums are paid, and no loans are allowed.