Level term policies usually offer coverage which you choose for a period of 5, 10, 15, 20 or 30 years.
If you pass away during the "term" of your policy, the death benefit proceeds are paid out to the person(s) you choose as beneficiary of your life insurance.
If you are alive at the end of the term of your term life policy, then the coverage ends. You may have the option of renewing your term life insurance policy for another term of usually up to 10 years at a rate based on your age at that time.
With level term coverage you pay there same premium each year for the entire duration of your term, and the amount of life insurance coverage stays level, too.
So, if you have a 10 year term life policy for $250 per year with $250,000 of coverage, you would pay $250 each year in premiums for a period of 10 years. If you pass away during the ten years, your beneficiary would receive the $250,000 death benefit.
Level term insurance is the cheapest priced life insurance for 30 years or less of coverage.
Click here to learn more about Level Term Life Insurance