Which means if you (the insured person) die during the policy term, while the life insurance policy is In Force, the death benefit is paid by the insurance company to the beneficiary of your life insurance policy.
However, if you outlive the policy duration, there is no payout of any benefits, and your life insurance coverage ends.
Level Term life is usually the cheapest type of life insurance policy providing coverage for 30 years or less.
Permanent life insurance can cost up tom 5-10 times more than term life insurance fort the same amount of protection.
You may be able to choose a policy term of 10, 15, 20, 25, 30, 35 or 40 years, depending on your age and health.
Learn more about how term life insurance coverage works.