This verse reveals both what God (as the greater covenant partner) promised to Levi, as well as what God required from Levi (the lesser covenant partner). God promised Levi life and peace. That is, God promised that Levi would enjoy a life of peace with God, and all the blessings that flowed from a life of peace. God blessed Levi and his descendants with these blessings of life and peace. Conversely, God required from Levi and his descendants fear (which produces reverence and obedience, Deuteronomy 5:29). And Levi and his earlier descendants fulfilled their covenant obligation. They fear and obeyed God. This is in stark contrast to the Levites of Malachi’s day, who had by their unfaithfulness angered God, and invoked his curse which was essentially the death knell of their ministry.
5 My covenant with him was one of life and peace, and I gave them to him. It was a covenant of fear, and he feared me. He stood in awe of my name.