Level premium
A premium that stays at the same rate as you age (until a defined cap age or sum-insured event).
Definition
A level premium locks the rate for the life of the policy (or to a defined age — often 65 or 70). It starts higher than stepped but stays the same over decades, so whole-of-life cost is typically lower. Best for buyers who plan to hold cover into late life and want predictable cashflow.
Related topic comparisons
See also
- Stepped premium — A premium that recalculates each year and rises with your age.
- Premium — The amount you pay the insurer (monthly, fortnightly, or annually) to keep cover in force.
Not personalised financial advice. Definitions are editorial framings of how the term is used across NZ life cover. Your specific policy wording is the authoritative source.