It's a type of life insurance policy that provides you with temporary coverage lasting up to 30 years.
The "term" of the policy is the duration of time you are insured.
Usually, term policies may offer coverage pasting for 10, 15, 20, 25 or 30 years.
The longer your policy term, the higher your rate for life insurance.
If you outlive the duration of your term life policy, your life insurance coverage expires with no payout of benefits.
If you pass away during the policy term, the death benefit is paid out to the beneficiary of your policy, subject to the terms, conditions and exclusions listed in the life insurance policy.
Learn more about term life insurance and how it works.