Term life is life insurance protection for a specific period of time, usually providing coverage for 1 to 30 years.
However, most term life plans offer coverage for a term of 10, 15, 20 or 30 years which you select when you purchase your policy.
Term life gives you the flexibility of choosing life insurance protection for the length of time you need coverage, so you pay the lowest price for temporary life insurance.
If you pass away during the term of your term life policy, the death benefit amount is paid out to the beneficiary you choose when you purchase your policy.
The death benefit is paid free from federal income tax and the beneficiary can use the money as he or she chooses to; such as, to provide for living expenses, pay for your final expenses, replace your income for the family, pay off the mortgage loan, etc.
Here's how you can get a 10 Minute Guide to Term Life Insurance to learn more about how term life insurance works.