Back to the load factor..
How come the load-factor doesn't increase in a constant bank level turn when we increase the airspeed? I dont understand how the decreased rate of turn helps maintain the load-factor!!
The short answer to your question is because of the word LEVEL. The bank angle that you pick in the turn determines what load factor will be needed, regardless of your airspeed. All that your airspeed determines is how much load factor you CAN produce, not how much you need to produce to maintain the turn at a particular altitude.
Another way to think of this in addition to what Tgrayson already posted is this:
You go into a bank, and consequently some of your lift is now pointing sideways, and some of your lift is pointing up (at least until you hit 90 degrees of bank).
But in order for your turn to be a LEVEL turn (remember we were talking about level turns, right?) the amount of your lift that is pointing up must equal weight.
This is exactly the same as what happens straight and level, but when you are straight and level ALL of your lift is UP (opposite weight) and therefore the TOTAL of your lift is acting opposite your weight. (Disregard the tail down force, which is basically negligible in comparison).
Same thing in a turn, but now the TOTAL lift force must be bigger so that the FRACTION of it that is acting up still equals weight. The more bank angle, the more the total lift force must increase, so that the fraction of the lift acting upwards (opposite weight) is still equal to the weight.
Therefore, load factor NEEDED in a level turn is a function of bank angle ONLY.
Speed and angle of attack come into how much lift you can PRODUCE, not how much lift you NEED. Now how do we get that lift to increase? Well there are two ways (if you discount changing the shape of the wing using flaps or slats).
Lift = Cl * rho* V^2*S/2 where "Cl" is the coefficient of lift, V is the velocity (in true airspeed, and notice that it is squared), S is the plan form area of the wing, and rho is the density of the air. Assume that we can't change S or rho, and what's left to change?
Only Cl and V. V is velocity, so we could produce more lift by going faster. But we don't have to. We could also change the "Cl" or coefficient of lift of the wing. Cl is related to a lot of different things, like camber, the shape of the wing, etc. One thing that it is related to is the angle of attack, and that relationship is linear throughout almost all of the range of angles of attack that you would be flying the wing. (It does, however, have a peak near the critical angle of attack and after that the wing's Cl and therefore the lift produced by the wing drop off sharply). What that means is that you can increase lift by increasing velocity (and keeping angle of attack the same), or you can increase lift by increasing angle of attack and keeping velocity the same. (And of course you could also increase BOTH if you wanted to).
So now with that in mind, back to your original question, which was "how come load factor doesn't increase in a level turn when we increase airspeed".
Hopefully now you see that the answer is, "because load factor REQUIRED to keep the airplane level is based only on BANK angle, but load factor AVAILABLE is based on airspeed (and angle of attack... sort of)".