The policy term is the duration of your coverage, usually up to 30 years for term life policies.
However, you may be able to choose a policy duration (term) of 10, 15, 20, 25, 30, 35 or 40 years.
The longer your policy lasts, the higher your annual cost (premium) for your coverage, because the greater the odds you may die.
If the insured person dies during the policy term, while coverage is In Force, the death benefit is paid out to the beneficiary of the policy.
If the insured person outliers the duration of the term policy, the coverage ends with no payout of any benefits.
Term life insurance is the most affordable type of life insurance for 30 years or less of coverage, since it usually costs up to 5-10 times less than the same amount of permanent life insurance.
Learn more about how a term life insurance policy works.