When choosing your term policy you select a length of time for your coverage which is referred to as the "term" for your life insurance.
Usually, a term life policy offers options of coverage for a period of 10, 15, 20 or 30 years. The longer the term, the higher your rate per $1,000 of life insurance coverage.
If you pass away during the term of your term policy, the death benefit proceeds are paid out to your family (beneficiary). If you outlive the term, you may choose to renew your term life policy for another term (usually 10 years) at a rate based upon your age at renewal, or the life insurance coverage just expires.
Learn more about term life insurance policies and how they work.