What type of insurance contract remains unchanged over the duration of the policy?

Level Term Insurance is a policy that maintains a fixed death benefit and premium throughout the entire duration of the policy. This means that once the policy is issued, the terms of coverage do not change. The purpose of level term insurance is to provide financial protection for a specified term, often ranging from 10 to 30 years, with the certainty of consistent premium payments and benefit amounts.

This stability makes level term insurance appealing for individuals who want to ensure their beneficiaries receive a predetermined payout, and they appreciate the predictability of premium costs. The unchanging nature of the contract is particularly important for those who plan their finances around fixed expenses or responsibilities, such as a mortgage or raising children.

In contrast, adjustable life insurance, universal life insurance, and variable life insurance all involve some degree of flexibility in terms of premium payments, death benefits, or investment components. These features can lead to variations in policy terms over time, which is not the case with level term insurance.