Many life insurers offer options of 10, 15, 20, 25 or 30 years of term life protection.
The longer your policy term (duration), the higher your annual cost of coverage.
If the insured dies during the policy term, while the life insurance is "In Force", the death benefit is paid out to the beneficiary of the insurance policy.
If the insured is alive when the policy term ends, there is no payout of any benefits.
Term life is the lowest priced type of life insurance policy for a period of up to 30 years.
Learn more about basic life term coverage and how it works.