The characteristics of term life insurance policy include temporary life insurance coverage, no cash value inside the policy, and the insurance policy expires if you outlive the term (duration) of your coverage.
Term life insurance is life insurance that provides temporary protection, usually for a period of one to thirty years.
Most term life insurance plans are issued for a period of 10, 15, 20, or 30 years.
Term life is pure life insurance protection, you pay only for the life insurance coverage, there is no cash value that builds up within your term policy.
If you outlive the duration of your policy, the life insurance coverage ends with no payout.
Term life insurance may allow an option for renewability, allowing you to renew your term life policy for another term (usually up to 10 years) without you having to take a health exam to qualify for the new life insurance policy.
Permanent life insurance may cost 2-3 times more than term life insurance.
Here's how to compare term life rates online