Term insurance is temporary life insurance coverage pasting for a specific period of time.
Usually, term life lasts for a Policy Term of 30 years or less.
You may be able to choose a policy term of 10, 15, 20, 25 or 30 years.
The policy term is the duration of your coverage. When the policy term ends, your life insurance coverage ends.
If the insured person dies during the policy term, the death benefit is paid out to the beneficiary of the life insurance policy.
If the insured person outlives the policy term, there are no benefits paid out.
Term life insurance is the cheapest coverage available for a period of 30 years or less.