It's also known as a "level term life insurance policy", which provides short-term life insurance protection for a period of up to 30 years, or until you reach a certain age, such as, age 65 or 70, usually.
Level term life policies have the most affordable rates, especially when compared to permanent life insurance plans.
Why are they so affordable? Because, level term does not build up cash value inside the policy, it is "pure protection", not an investment.
And, it expires after the term ends, while permanent life insurance provides lifetime protection.
Level term plans offer coverage for 10, 15, 20, 25 or 30 years, with rates that remain the same each year, while the amount of life insurance also remains level.
A level life insurance policy also offers a renewable option if you want to renew your policy for another term when it expires, you won;t have to take a physical exam, but your renewal rate will be based on your age at renewal.