Which type of term insurance maintains the same death benefit over its duration?

Level term insurance is designed to maintain the same death benefit throughout the entire duration of the policy. This means that if the insured passes away during the term, the beneficiaries will receive the predetermined amount, regardless of when the claim is made within that term period. This type of policy provides clarity and peace of mind, as the coverage remains consistent, making it easier for policyholders to plan financially for the future.

In contrast, decreasing term insurance offers a death benefit that decreases over the life of the policy, usually in alignment with a specific financial obligation, like a mortgage, where the coverage decreases as the debt is paid down. Annual renewable term insurance provides coverage for one year at a time, with the option to renew, typically at increasing premiums based on the insured's age at renewal. Convertible term insurance allows the policyholder to convert their term policy into a permanent policy but does not specify the maintenance of a consistent death benefit throughout the term. Each of these other types serves different purposes and offers different structures in terms of how benefits might change over time, unlike level term insurance.