The term of a term life policy may last for a duration of 10, 15, 20, 25 or 30 years.
If the insured dies during the term of the policy, the death benefit is paid out on the beneficiary of the life insurance policy.
If the insured is alive when the policy term expires, the life insurance coverage ends with no benefit paid out on the policy.
Term life insurance is the cheapest type of life insurance policy available.
Learn more about term life insurance and how it works.