A term life insurance policy is a type of life insurance that provides you with protection for a set period of time, usually from 10 years up to 30 years.
The duration of your policy is called the "term" - which is how long you have coverage. If you pass away during the term of your policy, the beneficiary (which you select) receives the death benefit payout from your policy.
Term life is the most affordable coverage because it is temporary, builds no cash value inside the policy, is not an investment, is pure protection, and many people do outlive the duration of their term life policy.
If you are alive when your term insurance expires, there is no payout, you receive nothing. That's why it's so cheap compared to permanent life insurance.
So, if you need life insurance for 30 years to less, or you are on a budget, term insurance offers an affordable, easy-to-understand option.
Here is a complete review of term life insurance.