Term life lasts for a set period of time, either up to 30 years, or until you reach age 65 or 70, in most cases.
If you outlive the term, or duration, of your policy, the life insurance coverage ends.
If you die during the term of your policy, the beneficiary receives the death benefit, subject to any exclusions in the policy.
There are different types of term life coverage, including level term, decreasing term, and return premium term life.
Level term is the most popular and provides coverage and premiums that remain the same each year throughout the term of your policy.
Decreasing term insurance provides coverage that declined each year, while the premiums remain the same.
Return premium term life costs more than level term insurance, but if you outlive the term of your policy, a large portion of the premiums paid into the policy are returned to you.
Learn more about how term life insurance works.