Term life is temporary coverage lasting for a term (duration) that meets your specific needs - either 10, 15, 20, 25 or 30 years.
If you (the insured person) dies during the policy term, the insurance company pays out a death benefit to the beneficiary of your life insurance policy.
You would name your spouse as the beneficiary of your policy, and your spouse would name you as the beneficiary of his/her policy.
If the insured person outlives the "term" of the life insurance policy, the coverage ends, with no payout of any benefits.
Many married couples buy term life policies on each other to protect their family in case one of you were to die. That way, there is money to replace your spouse's income and help support the family.
Learn more about term life insurance for married couples.