A 10 year level term is a term of loan or insurance coverage that lasts for a period of 10 years. It's a type of contract and if you purchase it, you agree to fulfill your obligations outlined in the contract for 10 years. For example, if you purchase a 10 year level term life insurance policy, you are agreeing to make premium payments every month for 10 years. At the end of the 10 year term, the policy will expire, unless you have elected to renew it. When it comes to loans, a 10 year term means that you will have the same monthly payment for 10 years and at the end of the 10 year period, the loan will be paid off.