To start, term insurance is temporary life insurance that provides protection for a specific period of time.
Most insurers that offer term insurance provide options of duration from 10 years up to 30 years. However, you may be able to choose a period of coverage of 10, 15, 20 or 30 years.
The longer your "term" for life insurance, the more you will pay per year for your policy.
If you pass away during the "term" of your policy, your beneficiary would receive a lump sum pay out on the death benefit from your term life insurance.
If you outlive the "term" of your life insurance, there is no payout.
Also, term insurance is "pure protection", providing a death benefit, but it does not build any cash value inside the policy.
Term insurance costs a lot less than permanent life insurance because term is temporary and builds no cash value.
Learn more about the basics of term insurance