If the insured person dies within that period of time, the beneficiary receives the death benefit payment from the life insurance policy.
If the insured outlives the policy period, the life insurance coverage ends and the beneficiary receives nothing.
Many term life insurance policies last for 10, 15, or 20 years, or until the insured turns age 65 or 70.
Some term life insurance offers the option of renewability, whereby the insured may choose to pay extra for the option of renewing the term life policy at expiration, for another term.
Here's how you can learn more about how term life insurance works and compare term life insurance rates online.