With term life, you choose a term of coverage from 10, 15, 20 or 30 years.
If you die during the term, your beneficiary receives a payout of the death benefit from your term life insurance policy.
If you outlive the duration of your term policy, there is no payout and the coverage expires.
Term insurance is the lowest priced type of life insurance coverage because it is temporary and builds no cash value inside the policy.
Here's how to learn more about what is term insurance and how does it work.