While permanent or whole life insurance may build cash value inside the policy, and provide a death benefit, term life insurance is death benefit only life insurance.
Term life is temporary life insurance lasting for a specific period of time.
If the insured person dies while the policy is In Force, the death benefit is paid out to the beneficiary of the insurance policy.
Because term life is temporary coverage and only provides a death benefit, it costs a lot less than whole or permanent life insurance plans.
Learn more about how death benefit insurance works.