It's life insurance for senior citizens that provides proteciton for a specified period of time.
Usually, you can choose level term coverage for a period of 10, 15, 20 or 30 years, but depending on your age, seniors may only be able to get up to 20 years of level term life insurance protection.
With level term you choose your term (duration) of life insurance and you pay premiums each year (or monthly) and in return, your beneficiary receives the death benefit upon your passing, if you pass away during the term of your policy.
The amount of life insurance stays the same throughout the entire duraiton of your policy.
If you outlive the term of your term life policy, there is no death benefit paid out.
Here's how to get level term life insurance for seniors.