It's a type of term (temporary) life insurance plan that provides coverage lasting for a period of one year.
This toy elf plan is also known as annually renewable term life insurance, because it lasts for a duration of one year, but you may choose to renew your coverage for an additional year when the original policy expires.
However, if you do renew your coverage, the premium is higher for the renewal period.
Learn more about a one tear term policy and how it works.