The conversion of a Term Life Insurance policy to a Cash Value form as of the original date of issue of the Term policy, rather than as of the time the conversion is made. In other words, the Cash Value policy will have already attained the age of the former Term policy.
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Level Premium Insurance
That form of insurance for which the premium remains the same throughout the life of the contract. Most Whole Life Insurance is paid for in this way. The amount of a level premium is higher than needed for the protection afforded in the early years of the contract but less than needed for protection in the later years. It is a method of leveling off the cost of insurance so as not to have it increase each year until it becomes unaffordable. See also Net Level Premium.