Level Term Assurance – is often called level term life insurance. This type of cover protects you for a given term for a FIXED benefit. The amount of life cover is chosen at the outset will be paid whether a claim on death is made in the first year of the term or the last year.
Eg On a level term assurance policy, if you opted for £150,000 of cover for 20 years , you would be covered for £150,000 in year 1 of the policy and also still covered for the same amount ie £150,000 of cover in year 19.