With term insurance you select a "term", which is the period of time your life insurance policy will last.
The longer your policy term, the higher your annual cost of life insurance.
The older you are when you buy a term policy, the higher your rate per $1,000 of coverage.
If you pass away during the term of your policy, the death benefit is paid out to the person or persons you choose as beneficiary of your policy, subject to any exclusions stated in your life insurance policy.
If you outlive the duration of your term insurance policy, the coverage expires and there is no death benefit paid out.