It is term life insurance that provides protection for a fixed period of time. Life Insurance is simply about looking after the people most important to you when you're gone.
If you die within the period of coverage, a fixed cash payment could be paid to your loved ones which could help give them valuable time to recover from their loss without worrying about money.
Fixed term periods are available for 10, 15, 20, or 30 years of life insurance protection.
Example: You purchase a $100,000 term life insurance policy for a 20-year period. Whether you die in year three or year twenty, your beneficiary receives the same amount (i.e., $100,000). If you die even one day after the term and the policy expires, your beneficiary receives nothing.
And, with level term life insurance, your premium is fixed, it stays the same each year you are insured, for the life of your policy.
Learn more about term life insurance fixed term and premium.