A "term" life insurance policy is temporary life insurance for a set number of years. The duration of the life insurance coverage is referred to as the "term" of your policy.
Level term life insurance has premiums that stay the same each year for the entire duration of your life insurance.e In addition, the amount of life insurance provided by a level term policy stays the same for the term of your coverage.
Whereas, a permanent life insurance policy provides coverage for your entire lifetime, there is no "term", it doesn't expire. However, permanent life insurance costs a lot more money than term life insurance.