Life insurance with the same premium year to year. The premium is more than the actual cost of protection during the earlier years of the policy and less than the actual cost in later years.
Life insurance where premiums remain level for the life of the policy.
Life insurance, the premium for which remains at the same level (amount) throughout the life of the policy (except as reduced by any policy dividends).
Life insurance for which the cost is distributed evenly over the premium paying period: the premium remains constant from year to year, and is more than the actual cost of protection in the earlier years of the policy and less than the actual cost in the later years; the excess paid in the early years accumulates the reserve.
Insurance for which the cost is distributed evenly over the premium payment period. The premium amount remains the same from year to year and is higher than the actual cost of protection in the earlier years of the policy but less than the actual cost in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later years.
That form if insurance for which the premium remains the same throughout the life of the contract. Most Whole Life Insurance is paid for in this way. The amount of a level premium is higher than needed for the protection afforded in the early years of the contract but less than needed for protection in the later years. It is a method of leveling off the cost of insurance so as not to have it increase each year until it becomes inaffordable. See also Net Level Premium.