It's a type of temporary life insurance policy providing annual renewable coverage.
You have one year of life insurance protection and if you wish to renew your policy for an additional year, the premium increases with each renewal of your life insurance.
Usually, a 5 year level term life insurance plan offers more affordable coverage if you should need your policy to last for more than 2 or 3 years.
Learn more about a one year term insurance policy and how it works.