It is temporary life insurance for senior citizens.
Term life usually offers up to 30 years of coverage, but seniors may be limited to 20 years or less, depending on your age and health.
For example, a 70 year old senior may be able to purchase up to 10 years of term life coverage, while a 60 year old may be able to get 15 or 20 years of term insurance protection.
If you pass away during the term of your policy, the death benefit is paid out to your beneficiary.
If you outlive the term of your term life coverage, there is no payout of any benefits, and your insurance expires.
Learn more about senior term life insurance coverage.